China Information

Thursday, December 21, 2006

CNBM and Luoyang Float Glass Realized Cooperation by Signing Strategic Partnership Agreement

Report from Henan Daily: on Dec.18th CNBM Group and Luoyang Float Glass Group Co., Ltd. signed a strategic partnership agreement, marking a successful cooperation between the biggest Chinese building material enterprise and the leading Chinese float glass producer. Based on the agreed share transfer method, the state-owned asset management company of Luoyang City should transfer 70% out of the total 80.27% shares it holds in Luoyang Float Glass to CNBM Group without compensation. The latter shall make full use of the brand strength of Luoyang Float Glass in vigorously developing the technology of “Luoyang float glass process”. It will add RMB40m equity capital to the subsidiary of Luoyang Float Glass in cash before Q1 of 2007 and help Luoyang Float Glass Group Co., Ltd. develop loan channel by the end of 2007 with provision of guarantee of RMB250m.


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