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New Company Set up After Asset Restructuring
The Beijing Steam Turbine Generator Co., Ltd was established November 22 with its former company's assets restructured by China's largest financial asset management company (AMC).
China Huarong Asset Management Corporation (CHAMC) took the lead in carrying out feasibility evaluation of the debt-to-equity swap of the Beijing Heavy Electric Machinery Works (BHEMW) this year and revitalized the giant State-owned enterprise's non-performing loans.
The new company, with a total registered capital of over 742 million yuan (about 102 million U.S. dollars), is now jointly owned by CHAMC holding 76.63 percent of the company's shares, the China Orient Asset Management Corporation with 7.86 percent of shares, BHEMW with 12.98 percent and the Beijing Comprehensive Investment Company holding the rest.
The board is comprised of eleven members with Huarong holding the vice-president post.
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