Ningxia Building Materials Group's Merger with China Building Materials Information Technology Under Review by Shanghai Stock Exchange
The Shanghai Stock Exchange is set to review the merger of Ningxia Building Materials Group with China Building Materials Information Technology, a significant move in the building materials industry.
The Shanghai Stock Exchange Mergers and Acquisitions Review Committee is scheduled to review a major transaction involving Ningxia Building Materials Group Co., Ltd. (referred to as "Ningxia Building Materials") and China Building Materials Information Technology Co., Ltd. (referred to as "China Building Materials Information" or "the Company"). The transaction includes the merger of Ningxia Building Materials with China Building Materials Information through a stock-for-stock absorption method and a major asset sale, along with a fundraising initiative and related transactions.
Ningxia Building Materials plans to merge with China Building Materials Information by issuing shares to all shareholders of China Building Materials Information and raising supporting funds. Simultaneously, Xinjiang Tianshan Cement Co., Ltd. intends to acquire controlling stakes in Ningxia Building Materials' subsidiaries involved in cement and related businesses through a cash capital increase.
According to the announcement by the Shanghai Stock Exchange Mergers and Acquisitions Review Committee, the first review meeting of 2024 is scheduled for January 16, 2024, to examine Ningxia Building Materials' application for this transaction.
The implementation of this transaction is subject to approval by the Shanghai Stock Exchange and the consent of the China Securities Regulatory Commission (CSRC). There is uncertainty regarding whether the transaction will pass the Shanghai Stock Exchange review, receive CSRC consent, and the final timeline for approval. China Building Materials Information will timely fulfill its information disclosure obligations based on the progress of the transaction. Investors are advised to pay attention to investment risks and refer to the company's announcements on the designated information disclosure platform of the National SME Share Transfer System for accurate information.
Source:
CFi.CN
