China National Building Material's (HKG:3323) subsidiaries Nanjing Fiberglass R&D Institute and Beijing New Building Materials (SHE:000786) agreed to form a joint venture company Sinoma (Handan) New Material with Sinoma (Handan) Construction and Buckfon Industrial (HK), a Friday Hong Kong bourse filing said.
Sinoma Handan, NRDI, BNBM, and Buckfon Industrial has agreed to subscribe for 40.8 million yuan, 17.7 million yuan, 8 million yuan, and 13.6 million yuan respectively of the 80 million yuan registered capital of the JV, representing 51%, 22%, 10% and 17% of its registered capital, respectively.
The JV will invest in the construction of an industrial production line project for rock fiber boards with an annual output of 50,000 tons in the Handan Fuxing Economic Development Zone.
The cement company's shares closed nearly 6% higher on Monday.
Price (HKD): $3.39, Change: $+0.19, Percent Change: +5.94%
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