XIAMEN FIT IMPORT & EXPORT CO., LTD.

Cement producer buys stake in Jushi Group for HK$362mln
click rate:2675 issue time:2007-03-10 08:12

Jan. 8, 2007 (China Knowledge) - China National Building Material (CNBM), the country's second-largest cement producer, has agreed to buy an 11.5% stake in glass-fiber maker Jushi Group for HK$362 million.

CNBM, which is primarily engaged in lightweight building materials and cement, saw less than 5% of sales in glass fiber in the first half of last year. It, however, said that Jushi's profitable record and prospects will enhance its performance in the future.

Jushi made a profit of HK$83.4 million in the first half of last year. In 2005, its net profit rose 33 percent to HK$185.6 million. Based on the 2005 profit, the stake price represents a price-to-earnings ratio of about 17.