Chinese building materials heavyweight CNBM (China National Building Material Co.) says an indirectly controlled new materials subsidiary of the company has signed an agreement with Anhui Non-Mining, Chizhou Traffic Investment, Chizhou Jinqiao Investment and Chizhou Construction Investment to form a joint venture in the Guichi district of Chizhou, a city in the south of Anhui province, eastern China.
China National Building Material Co. logo displayed on a modern smartphone - Piotr Swat ID 137028639 Dreamstime.com
The joint venture will engage in the production and sales of building materials, sand and aggregate, non-metal product transportation, warehousing and ship leasing. With a reported registered capital of CNY 1bn (US$145.6mn), the joint venture will receive CNY 600mn from CNBM's new materials subsidiary. The remaining CNY 400mn will be supplied by the other four partners contributing CNY 100mn each.
CNBM said the joint venture, in which it will indirectly own 60% shares, is to help it in developing high-quality aggregate, while also enhancing its management system.
