China United Cement

China National Building Material (CNBM) signed a letter of intent to sell certain cement business assets to its subsidiary Tianshan Cement, with consideration in Tianshan Cement shares and/or cash. The assets include stakes in several cement companies.

China National Building Material (CNBM), through its subsidiary China United Cement, agreed to form a joint venture with Henan Investment Group to integrate cement resources in Henan province. CNBM will contribute 5.535 billion yuan for a 60% stake.