CNBM: Ningxia Building Material and Tianshan Cement entered into the Supplemental Asset Restructuring Agreement to agree the consideration for the Cement Asset Restructuring

CNBM (03323) announced that on 28 April 2022, Ningxia Building Material and Tianshan Cement entered into an indicative asset restructuring agreement in relation to the proposed acquisition of the Subject Cement Assets by Tianshan Cement from Ningxia Building Material in consideration of the capital contribution by Tianshan Cement to Ningxia Saima in cash. The consideration for the

Target Cement Assets is RMB2,718 million, which shall be paid in full by Tianshan Cement by way of capital increase in cash (of which RMB520 million as the registered capital and RMB2,197 million as the capital reserve) to Ningxia Saima on the record date for the implementation of the Merger. On 27 June

2023, Ningxia Building Materials and Tianshan Cement entered into the Supplemental Asset Restructuring Agreement to agree, among other things, the consideration for the Cement Asset Restructuring.

On 27 June 2023, Ningxia Building Materials entered into the Supplemental Agreement II to agree certain terms of the Merger. Upon completion of the

absorption and merger, Ningxia Building Materials will become the surviving company, and will inherit and undertake all assets, liabilities, business, contracts, qualifications, personnel and all other rights and obligations of China Construction Information. China Construction Information will eventually cancel its legal personality. The total consideration involved in the Merger is RMB2.294 billion.

The following is part of the announcement: