CNBM to buy back shares after offer closes

China National Building Material (CNBM) (HKEX: 3323) will proceed with its buy-back of up to 841,749,304 H shares at HK$4.03 per share, following the closure of its conditional cash offer on March 5, 2025, according to a company announcement. The offer was oversubscribed, with acceptances received for 1,765,036,367 H shares, representing approximately 209.69% of the maximum number of shares CNBM intended to buy back. As a result, the number of shares bought back from each accepting shareholder will be prorated, with the total consideration payable by CNBM amounting to HK$3,392,249,695. Morgan Stanley Asia Limited acted as the financial advisor to CNBM for the offer. According to a related disclosure, Morgan Stanley Hong Kong Securities Ltd and Morgan Stanley & Co., International plc executed trades in CNBM shares and related derivatives during the offer period. Post-buyback, the aggregate interests of the CNBM Parent Concert Group in the issued Shares will increase from approximately 45.02% to approximately 50.01%. The buyback is expected to be completed by March 14, 2025.