State-owned building firms plan revamp

Shares in related companies see sharp fluctuations after reports about ongoing restructuring proposal

State-owned China National Materials Group Corp is holding restructuring negotiations with China National Building Materials Group Corp, another State-owned firm, according to a regulatory filing.

Ningxia Building Materials Group, a listed company owned by China National Materials Group said in a statement that the reorganization proposal is yet to be finalized and the plan still needs to be approved by relevant authorities. It did not provide any further details about the proposal in its statement.