Ningxia Building Materials Group Co., Ltd. (NXBM) announced on August 21 that it has signed an intention agreement with its controlling shareholder, China National Building Material Company Limited (CNBM), to acquire the latter's 100% equity interest in China National Building Materials Graphite New Materials Co., Ltd (CNBM Graphite).
Upon completion of the transaction, CNBM Graphite will become a wholly-owned subsidiary of NXBM and will be consolidated into the group's financial statements. The acquisition will add a new business segment--research, development, production, and sales of graphite based new materials--to the company's existing portfolio.
