Mar. 30, 2012 (China Knowledge) - China National Building Material Co<3323
>, a leading cement manufacturer in China, plans to launch an initial public offering on the Shanghai Stock Exchange
to raise about RMB 15 billion this year, said Cui Xingtai, vice president of the company, on Thursday.
Cui added that the cement company plans to issue 1 billion A shares in the deal.
China National Building Material has reported a net profit of RMB 8.02 billion for last year, 137.9% more than in 2010. Operating revenue surged 54% year on year to RMB 80.06 billion in 2011.
The company's overall gross profit margin rose 5 percentage points to 26.6% last year.
The cement segment generated revenue of RMB 60.30 billion in 2011, 58.9% more than in 2010. Cement sales reached 184 million metric tons last year.
China National Building Material, which successfully set up a new holding unit Southwest Cement Co late last year, has cement production capacity of more than 260 million metric tons.