China National Building Material's Unit to Buy Cement-Products Business

By Chester Yung Features Dow Jones Newswires

China National Building Material Co. (3323.HK) said Friday that its 70%-owned unit North Cement Co. agreed to buy interests in Mudanjiang North Cement Co.'s 19 subsidiaries, which produce and sell cement products, for 2.30 billion yuan ($344.5 million).

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Separately, North Cement will pay about CNY213.5 million ($32.0 million) to acquire a 51% stake in Mudanjiang North Cement from Liaoyuan Jingang Cement (Group) Co., the company said.

The acquisitions will help expand its cement business, the firm said.

Write to Chester Yung at chester.yung@wsj.com

(END) Dow Jones Newswires

August 18, 2017 06:24 ET (10:24 GMT)