Displaying items by tag: China Communications Construction
China National Building Material divests Qilianshan Cement
25 December 2023China: China National Building Material (CNBM) has divested control of Qilianshan Cement to China Communications Construction (CCC) and China Urban-Rural Holding Group as part of an asset restructuring agreement agreed in May 2022. Following the transaction CCC holds an 85% equity interest in Qilianshan Cement and China Urban-Rural controls the remaining 15% portion.
As part of the asset swap agreement CNBM arranged to take control of companies including Southwest Municipal Engineering Design and Research Institute of China, China Northeast Municipal Engineering Design & Research Institute and CCCC Highway Consultants. In a statement CNBM said it no longer had control of the board of directors of Qilianshan and that both it and Qilianshan Cement were no longer its subsidiaries.
China Communications Construction Company receives approval to restructure and fund Gansu Qilianshan Cement
13 March 2023China: The State-owned Assets Supervision and Administration Commission (SASAC) has granted its subsidiary China Communications Construction Company (CCCC) approval to restructure. Reuters has reported that, under the plans, the company will transfer supporting finances to China National Building Material (CNBM) subsidiary Gansu Qilianshan Cement. Additionally, there will be a spin off and listing of CCCC subsidiaries CCCC First Highway Institute and CCCC Second Highway Institute.
Malaysia: Lafarge Malaysia has won a US$68.9m contract from China Communications Construction to supply cement for the East Coast Rail Link project. The contract will run until the end of 2019 with options for renewal by a further two years.