Summary by Futu AI
China Building Materials (CNBM) issued a notice on 26 March 2024 updating the latest progress on restructuring its cement assets. The restructuring involves a depreciation compensation agreement with Tin Shan Cement and a Performance Commitment Compensation Agreement. Under the agreement, if depreciation occurs between 2021 and 2023, China Construction Materials will compensate Tianshan Cement in the form of shares. Currently, no depreciation has occurred in 2021 and 2022. Valuation agency, Volkswagen (Beijing) International Asset Valuation Co., Ltd., has issued a preliminary estimate for 2023, with an estimated impairment compensation of about RMB 1,967,388.84 million to RMB2,025,912.09 million. TIANSHAN CEMENT WILL HIRE AUDIT AGENCIES TO PRODUCE A SPECIAL AUDIT REPORT FOR 2023 TO DETERMINE THE FINAL AMOUNT OF DEPRECIATION COMPENSATION. In addition, the cumulative realized net profit of the performance pledged...Show More