Vancouver-based CanWel Building Materials Group Ltd. says it will change its name to Doman Building Materials Group Ltd. effective Monday.
In a brief news release, the company says its shareholders approved a special resolution to change the name at its annual meeting held earlier this month.
It says its shares, which trade under the symbol CWX, are to be switched to the new ticker symbol DBM on the Toronto Stock Exchange.
CanWel chairman and CEO Amar Doman is quoted as saying the change is being made to reflect the company’s growth and evolution and “better reflect our corporate structure,” while highlighting brands it represents.
The company did not respond to a request for an explanation of how the new name does that.
According to a regulatory filing dated March 31, Amar Doman owned about 16.4 million CanWel shares, about 21 per cent of the total.
The company reported first quarter net earnings of $34.2-million on revenue of $520-million from its integrated forest product production and distribution operations in Canada and the United States.
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