Tibet Tianlu company joins establishment of Tibet Building Materials company

09:27, December 15, 2009

Tibet Tianlu Co., Ltd. has decided to jointly found Tibet Building Materials (Group) Co., Ltd. with another four companies, according to its announcement.

The Tibet Tianlu company plans to invest 60 million yuan (nine million U.S. dollars) in the new company, 30 percent of its 200-million-yuan registered capital. The new company will be founded in cash by five companies.

The new company's founders also include Huaxin Cement Co., Ltd., Tibet Gaozheng (Group) Co., Ltd., Tibet Trust and Investment Co., Ltd. and Xingye Cement Plant in Lhoka, southeastern Tibet.

The Huaxin Cement company, the largest shareholder, has an investment of 86 million yuan in the new company, 43 percent of the total funding, with Tibet Gaozheng company and Tibet Trust and Investment company holding 10 percent, respectively.

The new company focuses on the production and sales of cement products and building materials.

Source: Securities Times