Displaying items by tag: BBMG Corporation
China: BBMG’s net profit for the first quarter of 2017 expected to at least double to US$55m from US$21m in the same quarter in 2016. The cement producer says the jump in profit is due to bookings for its property development business, although it added that an increase in cement and clinker prices had also contributed. The company’s shares bounced in early April 2017 following the announcement of the Xiongan New Area special economic development zone.
China: A new special economic development zone in the north of Hebei province is expected to significantly boost demand for cement in the region. President Xi Jinping announced that that the new development named Xiongan New Area would be built southwest of Beijing, according to the ET Net News Agency. The development will be on the same scale as Shenzhen and Shanghai Pudong. Using these previous projects as a benchmark HSBC Global Research estimated that Shanghai Pudong uses around 6Mt/yr and that the region had used 133Mt since its creation in the early 1990s.
BBMG’s shares spiked following the announcement. The largest cement producer in the Beijing-Tianjing-Hebei area is widely expected to benefit from the project. After its restructuring with Jidong Cement it will hold 57% of cement production capacity in the region.
Enersize signs deal with BBMG
17 March 2017China: Finland’s Enersize has signed a deal to provide its system for measurements and efficiency analysis of energy usage in industrial compressed air systems to the BBMG Liulihe Cement Plant. Installation of the system will start in the second quarter of 2017 and potential savings will follow after measurement data has been collected.
“BBMG fits this profile perfectly with many plants all over China and we are happy that we now have secured a first project with them,“ said Sami Mykkänen, the chief executive officer of Enersize.
China Resources Cement enters into strategic agreement with BBMG
20 December 2016China: China Resources Cement and BBMG Corporation have entered into a strategic co-operation agreement. According to the agreement the companies shall jointly explore Chinese and overseas markets and promote technology for the industry. Both parties intend to create a 'market communications mechanism' to share information on the market, production and technology. China Resources Cement previously signed a similar agreement with Anhui Conch in July 2016, although that agreement subsequently fell apart.
Wang Shizhong resigns from BBMG Corporation
19 February 2016China: Wang Shizhong has resigned as an executive director and a member of the Strategic Committee of BBMG Corporation with immediate effect. He resigned due to the re-designation of his work. The board of BBMG expressed its appreciation for Wang’s contribution to the company development in a statement.