In order to complement advantages, integrate resource, and increase market share of coal business, CBMIE and Luhai Group signed an agreement on transfer and increase of capital investment. Completed the increase of capital investment and restructure, CBMIE has become a shareholder with 85% share of CNBM Luhai Investment Development Co., Ltd. The coal business cooperated between the two parties ranks top 2 among domestic traders in recent years. CNBM Luhai Investment Development Co., Ltd. has four subsidiaries including Luhai Resource Co., Ltd., Luhai Clean Energy Technology Co., Ltd., Luhai Port (Qinzhou) Co., Ltd., and Guangxi Gongxin Mineral Test Co., Ltd. Up to now, the new board and management team are established.
Completed the restructure, Luhai will combine CBMIE’s advantages in corporate culture, brand, capital, and market channel, with Luhai’s advantages in purchase, sale, and logistics. By implementing operation philosophy by Song Zhiping (Chairman of CNBM) “strength of state-owned enterprise + Vitality of private enterprise= core competitiveness”, to achieve 1+1>2. Luhai aims to become the largest coal service provider in China, CNBM’s coal supply platform, and the leader in domestic coal industry.
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