Jingwei Textile Adds Capital To Heng Tian Real Estate And Injects Bo Hong Rights.
Warp and weft textile
It is planned to increase capital to Beijing's real estate development company by holding about 44.83% of the shares and 12 million 500 thousand yuan (14 million 294 thousand yuan) of cash.
Jingwei Textile (00350) announced the signing of the agreement, to Beijing Bo Hong.
Real estate development
About 44.83% of the shares held by the company together with 12 million 500 thousand yuan (14 million 294 thousand yuan) of cash to increase capital of Heng Tian real estate.
At the same time, Jingwei Textile intends to pfer about 20.17% of the remaining shares of the company.
After the capital increase, the company held 12% as a shareholder of Heng Tian real estate.
Heng Tian real estate
After gaining equity interest, it became a wholly owned shareholder holding a 100% stake in Bo Hong.
Heng Tian Group is the ultimate controlling shareholder of Jingwei Textile Company, and Heng Tian real estate is the subsidiary company of the latter.
At present, Jingwei Textile holds the 65% rights of Bo Hong, which is mainly engaged in real estate development and commercial housing sales, and property management for its own property.
After the completion of the capital increase, the registered property of Heng Tian real estate will increase to about 875 million yuan (about 1 billion yuan), of which 105 million yuan (about 120 million yuan) is invested in Jingwei Textile, with a shareholding ratio of 12%, which will be paid by 12 million 500 thousand yuan of cash and Bo Hong 44.83% stake.
As for the company's pfer of the 20.17% stake in Bo Hong, the price is 61 million 200 thousand yuan (69 million 983 thousand yuan). The company expects to sell about 30 million 168 thousand yuan (about 34 million 497 thousand yuan) in the equity income, and the proceeds will be used to supplement working capital.
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