Taiyuan Chemical Industry Group Co., Ltd. completed the acquisition of remaining 49.1% stake in Yangmei Taihua Coking Investment Co., Ltd. from Taiyuan Chemical Industry Co., Ltd..
May 26, 2022
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Taiyuan Chemical Industry Group Co., Ltd. agree to acquire remaining 49.1% stake in Yangmei Taihua Coking Investment Co., Ltd. from Taiyuan Chemical Industry Co., Ltd. (SHSE:600281) for approximately CNY 220 million on May 13, 2021. Within 3 months from the agreement effective date, Taiyuan Chemical Industry Group Co., Ltd. will pay CNY 65,443,828.25; within 9 months from the first payment, Taiyuan Chemical Industry Group Co., Ltd. will pay CNY 152,702,265.90. For year ended December 31, 2020, Yangmei Taihua Coking Investment Co., Ltd had total assets, net assets, revenue and net loss as CNY 857.5 million, CNY 446 million, CNY 3.2 million and 7.5 million respectively. Transaction has been approved in the 4th Meeting of 2021 of the Shanxi Huayang New Materials Co.'s 7th Directorate held on May 13, 2021, and is subject to the Shareholders' Approval. As of December 27, 2021, the Shanxi Huayang New Materials Co. the company's 2021 second extraordinary general meeting of shareholders was held on May 31, 2021 and approved the transaction.
Taiyuan Chemical Industry Group Co., Ltd. completed the acquisition of remaining 49.1% stake in Yangmei Taihua Coking Investment Co., Ltd. from Taiyuan Chemical Industry Co., Ltd. (SHSE:600281) on May 27, 2021. On August 31, 2021, Shanxi Huayang New received a 30% equity transfer payment of CNY 65.4 million, on December 27, 2021, received CNY 20 million, on December 30, 2021 received CNY 2.1 million, on February 8, 2022 received CNY 10 million and on May 27, 2022 received CNY 120.6 million.
Shanxi Huayang New Material Co Ltd, formerly Taiyuan Chemical Industry Co Ltd, is a China-based company principally engaged in the business of recycling and processing of precious metals. The Company operates two main businesses. The precious metal recovery and processing business includes the production and sales of platinum group metal catalytic nets and the recovery and disposal of waste catalysts containing precious metals. The biodegradable plastic business includes the production and sales of Poly(butyleneadipate-co-terephthalate) (PBAT) and related downstream biodegradable plastic products. The Company's products include platinum alloy mesh, recycled and refined palladium and biodegradable materials and articles. The Company mainly conducts business in the domestic market.
Taiyuan Chemical Industry Group Co., Ltd. completed the acquisition of remaining 49.1% stake in Yangmei Taihua Coking Investment Co., Ltd. from Taiyuan Chemical Industry Co., Ltd..