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Baiwen Confirms Restructuring
ST Zhengzhou Baiwen (Group) Co., Ltd. (SSE: 600898) has announced that the relevant bills on asset and debt restructuring was passed during the first extraordinary shareholder meeting.
According to the decision, shareholders who stand for the restructuring will transfer 50 percent of the stake to Sanlian Group while those who are against the restructuring will have to accept a repurchase of their shares at fair prices by the company (1.84 yuan per negotiating share, 0.18 yuan per legal person share).
The shareholder meeting authorized the board of directors to go through relevant formalities of the company's control change.
Zhengzhou Baiwen warns investors that the company and Sanlian Group had applied to the China Securities Regulatory Commission (CSRC) for repurchase cancellation and exemption of offer purchase.
Zhengzhou Baiwen has god not from Zhenzhou State Owned Assets Management Bureau to transfer 50 percent stake to Sanlian Group.
Relevant formalities are underway and further application will be submitted to the Ministry of Finance.
Source: Panorama
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