Slaughter and May has advised China National Building Material Group on its acquisition of a further 8.64% interest in HKSE listed China Glass Holdings Limited (China Glass)
Slaughter and May, Hong Kong, has advised Triumph Technology, a wholly-owned subsidiary of China National Building Material Group Corporation (CNBM Group), on its acquisition of a further 8.64% interest in China Glass (HKEx stock code 3300) from Pilkington Group Limited (Pilkington) for a consideration of approximately HK$136 million (US$17.52 million). As a result of the acquisition, Triumph Technology holds approximately 23.01% of the issued share capital of China Glass and has become China Glass’ largest shareholder.
CNBM Group is one of China’s largest manufacturers of building materials, including cement, lightweight building materials, fibre glass and composite materials.
China Glass is a leading manufacturer of float glass and reflective glass.
The completion of the transaction was announced by China Glass on 21 December 2016.