Cement maker, pension fund raise $302m

China National Building Material (CNBM), the mainland’s second-largest cement maker, and the national pension fund raised US$302 million in a combined placement of the cement firm’s shares Thursday, the South China Morning Post reported. CNBM sold 272.7 million new shares while the National Social Security Fund sold 25.8 million CNBM shares, each priced at HK$7.85 (US$1.01). The shares, which represent 24.9% of CNBH’s enlarged H-share capital, were sold at a discount to CNBM’s closing price of HK$8.67 (US$1.19) yesterday. "It’s a big discount but that’s the only way to get anything done in this market," a market watcher was quoted as saying. Placement of new shares have been rare on domestic equity markets due to increased volatility. The last such offering by an H-share company was made by Beijing Capital International Airport in June.