Two more State-owned enterprises set to roll out reorganization plan
Updated: 2016-01-26 14:30
By Dai Tian(chinadaily.com.cn)
|
|||||||||||
China National Building Material (CNBM) Group and China National Materials (Sinoma) Group are soon to roll out a reorganization plan, the two firms announced on Monday, heralding a new round of State-owned enterprises (SOE) reforms this year.
The reorganization proposal is currently under discussion and awaits regulatory approvals, said eight of the SOEs' mainland-listed subsidiaries in a filing to the stock exchange.
Except the trading suspension of Sinoma Science & Technology Co, the other seven subsidiaries rose on Tuesday morning. Sinoma Energy Conservation surged by the daily limit of 10 percent. Five rallied more than 7 percent on Monday before the announcement.
The move came as the country launched broad-stroke guidelines on SOE reform last year and unveiled restructuring plans for several conglomerates.
The CNBM Group has been chosen along with the State Development & Investment Corporation (SDIC), China National Cereals, Oils and Food stuffs Corp (COOFCO), China Energy Conservation and Environmental Protection Group (CECEP) and China National Pharmaceutical Group (Sinopharm) to pilot reforms in ownership, management and supervision, according to the State-owned Assets Supervision and Administration Commission (SASAC).
The CNBM Group, a Fortune Global 500, operates businesses expanse from cement, glass and new material production to engineering and logistics and has a total asset of over 410 billion yuan ($62.3 billion).
Related Stories
Calling China's slower growth 'catastrophe' is exaggeration: German FinMin 2016-01-23 14:31
Government workload heavy in 2016, Li says 2016-01-23 08:06
Supply-side structural reform key to China's growth 2016-01-22 17:48
How to balance welfare and economic growth 2016-01-22 09:27
Supply-side reform calls for new system 2016-01-22 09:27
Today's Top News
China's growth envy of developed world
Foreigners find hard to but China's rail tickets
Rags to riches saga underlines China's transformation
Leaders address Iran's thirst for growth
UK's interest in China boosted by BBC TV series
Global push
AIIB chief vows to run clean, lean, green institution
'More Europe' to deal with 'triple crisis'
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Acquisition bandwagon continues to roll |
South China's food touches the heart |
China wins fastener tiff with EU |
Global presence doesn't make a multinational |
Businessman heads revolution in China's canteens |
UK's interest in China boosted by latest BBC TV series |