Data resource: CNBM

Released on: November 24, 2011

On November 22, Song Zhiping, Chairman of the Board and Party Committee Secretary of China National Building Materials Group (CNBM Group) held talks with Zhang Yun, President of Agriculture Bank of China (ABC). The two parties had a full exchange and communication on bank-to-enterprise cooperation.

It was an important meeting since ABC signed the Letter of Intent involving a RMB60 billion credit limit for CNBM and signed other financial service strategic cooperation agreements the year before. Song Zhiping said CNBM Group and China National Pharmaceutical Group (SINOPHARM) experienced rapid development in recent years. It is estimated that in this year the operating revenue of CNBM Group will be RMB180 billion and SINOPHARM, RMB120 billion and the profit of CNBM Group will be RMB15 million and SINOPHARM, RMB5.5 billion. CNBM Group will focus on cement business. At present, it is the largest cement company in the world. It is expected that in this year it can produce 250 million tons of cement, and in the next, to be over 300 million tons. ABC has been supporting the construction and reorganization of the cement business of CNBM Group and enjoying a good development since it listing. He said he hopes that ABC can keep being a strong supporter of CNBM Group and SINOPHARM in the further.

Zhang Yun extended warm welcome to the delegation led by Song Zhiping and was inspired by the rapid development of these two groups. He said that ABC and CNBM Group has established good relation of cooperation and it is the best time for ABC, in which all businesses are carried out smoothly, quality of level of business structure has been promoted and larger clients increased continuously. ABC has confident in the development of CNBM Group and its subsidiaries and will keep supporting them.

Wu Jiwei, Chief Accountant of CNBM Group, Cui Xingtai, Vice President of CNBM and Chairman of the Board of China United Cement Corporation, Chen Xuean, CFO of CNBM, Guo Haoda, Deputy Governor of ABC and related principals of CNBM Group, CNBM and ABC were present at the meeting.