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Qingdao Yellow Sea Rubber Co Ltd to Divest Assets; to Issue A Shares for Equity Acquisition


Friday, 31 May 2013 08:00pm EDT 

Qingdao Yellow Sea Rubber Co Ltd announced that it will divest all its assets, liabilities, personnel and businesses, as consideration of RMB 1, to a Beijing-based group (Group A) or a third party appointed by Group A. The Company will also issue 140,643,901 A shares of common stock with par value of RMB 1.00 at RMB 4.28 per share, to a Beijing-based chemical technology research institute (Institute A), so as to acquire a Lanzhou-based machinery and automation research and design institute company, valued at RMB 601,955,900. After the transaction, Institute A will hold a 35.49% stake in the Company, by holding 140,643,901 shares. The holdings of the Company's current controlling shareholder, a Qingdao-based rubber group, will decrease from 45.16% to 29.13%. 

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