Summary by Moomoo AI
China Construction announced on 29 December 2023 that it has entered into a share transfer agreement with the Shareholder Holding Platform and Employee Holding Platform of its subsidiary North New Construction Materials and Co., Ltd. (the “Target Company”), agreeing to acquire approximately 78.34% of the shares of the Target Company at a trading price of RMB 4,073,073,$822,613.03 will be paid in cash. Upon completion of the acquisition, North New Construction Materials will hold approximately 78.34% of the target company, making the target company an indirect subsidiary of China Construction Materials. Under the Listing Rules, this share repurchase constitutes a disclosable transaction. The target company is primarily engaged in the R&D, production and sales of paints and related products, and the acquisition will significantly strengthen its coating block business in North New Construction and enhance its leading position in the domestic industry. The financial impact of the share acquisition is not expected to result in any loss for the China Building Materials Group.
