Tianshan Cement plans to make acquisition of 100% equity of Bohai Cement

Byzengjiaming12

Updated Tue, 16 Nov 2021 10:14:39 GMT

Tianshan Cement Co., Ltd. (000877.SZ) issued an announcement that the company held the forty-sixth meeting of the seventh board of directors on November 10, 2021 by means of communication voting. It passed the " Proposal on the Signing of the " Framework Agreement on Equity Transfer " and the "Entrusted Management Agreement" by the Wholly-Owned Subsidiary", which is to agree the company's wholly-owned subsidiary Yili Tianshan Cement Co., Ltd. ("Yili Tianshan") to sign the "Equity Transfer Framework Agreement" and the "Entrusted Management Agreement".

In order to implement the stable development plan and seize the opportunity to enhance the competitiveness of the main business, the wholly-owned subsidiary Yili Tianshan plans to signed the "Framework Agreement on Equity Transfer" with Xinjiang Bohai Cement Co., Ltd. ("Bohai Cement") shareholder Huocheng Ruixin Yunhui Information and Technology Co., Ltd. , Zheng Keyun, Zeng Mingliu, Zeng Yijing, and Zeng Hongliu and signed the "Agreement on Entrusted Management" with Bohai Cement.

Huocheng Ruixin Yunhui Information and Technology Co., Ltd., Zheng Keyun, Zeng Mingliu, Zeng Yijing and Zeng Hongliu intend to transfer 100% equity of Bohai Cement to Yili Tianshan.

The company stated that this transaction is in line with the company's development plan for enhancing the comprehensive competitiveness of its main business. The target to be acquired has a good industrial foundation and location advantages, which is conducive to the company's overall strategic layout in the cement industry, enhancing the company's comprehensive value, and bringing a positive impact on its future development .

Xinjiang Bohai Cement Co., Ltd. was established on August 26, 2011. The legal representative is Li Junhua and the registered capital is 410 million yuan. The industry belongs to non-metallic mineral products industry. The business scope includes: cement research, production, and sales; cement products manufacturing; sales of cement products; sales of limestone and shale; catering services.