2022, CNBM announced that CNBM Investment, a wholly-owned subsidiary of the Company, entered into two separate equity transfer agreements with CNBM Import and Export, pursuant to which CNBM Investment has agreed to acquire, CNBM Import & Export has agreed to sell 100% equity interest in CNBM New Zealand and 100% equity interest in CNBM Singapore.
On the same date, CNBM Investment entered into an equity transfer agreement with Smart Internet of Things, pursuant to which CNBM Investment has agreed to acquire, and Smart Internet of Things has agreed to sell, 100% equity interest in CNBM Overseas. The total consideration in
respect of the acquisition of 100% equity interest in CNBMG New Zealand is RMB36.6423 million. The total consideration for the acquisition of 100% equity interest in CNBM Singapore is RMB36.9077 million. The total consideration for the acquisition of 100% equity interest in CNBMG Overseas is RMB309,348,200.
CNBMG New Zealand is a company incorporated under the laws of New Zealand with limited liability and was a wholly-owned subsidiary of CNBMG Import and Export prior to the Acquisition. Its principal businesses are integrated services for overseas warehouses in New Zealand and timber trading.
CNBM Singapore is a company incorporated under the laws of Singapore with limited liability and prior to the Acquisition was a wholly-owned subsidiary of CNBM Import and Export, which is principally engaged in bulk commodity trading and other businesses.
CNBMG Overseas is a company incorporated under the laws of the PRC with limited liability and is a 100% indirectly owned subsidiary of CNBMG Import and Export prior to the Acquisition. Its principal business is integrated services for overseas warehouses, etc.
CNBM Investment has developed into a comprehensive service provider of building materials and home furnishing based on its own brand, complete categories and comprehensive competitiveness, and its business is mainly distributed in the South Pacific region and Southern Africa. Through the integration of resources within China Building Materials Group, on the basis of giving full play to the original advantages, we will further concentrate the advantages of related resources, so that the overseas warehouse business can achieve better and faster development of high quality.
The Board is of the view that the terms of the Acquisition are fair and reasonable and the Acquisition is on normal commercial terms in the ordinary and usual course of business of the Group and is in the interests of the Company and the Shareholders as a whole.
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