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

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).

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.

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(END) Dow Jones Newswires

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