Ningxia Building Materials announced on October 20 that its subsidiaries, Qingshui Stock, Sinoma Gansu, Tianshui Sinoma, Ningxia Horse Racing, Wuzhong Horse Racing and Harqin Cement, intend to conduct related transactions with China Building Materials, China Building Materials International Products and Jiahua Special Cement, with a cumulative amount not exceeding 183.59 million yuan. Of which, CNBM Materials shall not exceed RMB148.51 million, CNBM International Products shall not exceed RMB21.88 million, and Jiahua Special Cement shall not exceed RMB13.2 million.
The transaction has been considered and approved by the sixth special meeting of independent directors of the eighth session of the board of directors, the twenty-eighth meeting of the audit committee of the eighth session of the board of directors and the thirty-third meeting of the eighth session of the board of directors, and is not required to be submitted to the shareholders' meeting for consideration. The related parties are actually controlled by China National Building Material Group Co., Ltd. The pricing of the transaction is based on the market price, which does not affect the independence of the company and does not constitute a major asset reorganization. The independent directors consider that the transaction is in line with the company's business needs, the price is reasonable, and does not harm the interests of the company and minority shareholders.
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