Shares of China National Building Material (CNBM) surged 7.19% on Monday, following the announcement of its subsidiaries forming a new joint venture to expand production capacity in the rock fiber boards sector.
According to a recent filing, CNBM's subsidiaries Nanjing Fiberglass R&D Institute (NRDI) and Beijing New Building Materials (BNBM) have agreed to establish Sinoma (Handan) New Material along with Sinoma (Handan) Construction and Buckfon Industrial (HK).
The joint venture, with a registered capital of 80 million yuan, will invest in constructing an industrial production line for rock fiber boards with an annual output capacity of 50,000 tons in the Handan Fuxing Economic Development Zone. NRDI, BNBM, and Buckfon Industrial will hold 22%, 10%, and 17% stakes, respectively, in the new venture, while Sinoma (Handan) Construction will control a 51% majority stake.
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