139 Million Yuan Of State Assets To Be Withdrawn From Xinjiang To Cooperate In Textile Industry

A few days ago, Xinjiang property rights paction online listing news shows that Xinjiang cooperation

The Limited by Share Ltd's 95% equity interest is pferable. The joint pferor is the leading group of the Xinjiang Uygur Autonomous Region state owned enterprise reform, Urumqi Railway Administration and Hami state assets supervision and Administration Commission, with a price tag of 139 million yuan.

It is worth mentioning that this target company's management personnel and some employees intend to participate in the pfer.

Among them, the SASAC stock price of the autonomous region is 92 million 212 thousand yuan, and the Eurasian railway center has a listing price of 26 million 536 thousand and 100 yuan, and the Hami state investment company's share holding price is 20 million 251 thousand and 900 yuan.

According to public information, the Xinjiang cooperation textile Limited by Share Ltd was established in December 2001 with a registered capital of 85 million 500 thousand yuan. Its business scope includes cotton textiles and sales, paper tube manufacturing, garment tailoring and lint management.

The export business of self produced products of the enterprise and the import business of machinery and equipment, spare parts and raw and auxiliary materials required by the enterprise, the leasing of textile equipment, plant, seed cotton purchase, and the import and export of cotton (non state owned trade) in border trade.

The number of employees is 1224.

The management has the intention of accepting the underlying assets.

Target enterprise

The structure shows that the state owned assets supervision and Administration Commission of the Autonomous Region People's government, the Xinjiang Asia Europe Railway Diversified Economic Development Center, and Hami state owned assets investment and Operation Co., Ltd., respectively, have 58.22%, 20.86% and 15.92% stake in the target company, and the total proportion is 95%.

In addition, Xinjiang Heng he investment Limited by Share Ltd and Peng Haofeng share 3.33% and 1.67% respectively.

Audited financial data show that as of December 31, 2011, the total assets of the underlying company amounted to 405 million yuan, total liabilities 305 million yuan, and net assets of 100 million yuan. The latest financial report pointed out that in January 2011 -9, the company achieved operating income of 210 million yuan and net profit of 757 thousand and 100 yuan.

The intention assignee condition indicates that the intention pferee has good financial condition and ability to pay; when the registration is registered, the paction margin must be paid 30 million yuan at a time; in addition, the intention pferee shall undertake to accept the employee resettlement plan of the target company and place all the in-service staff on the basis of the resettlement plan adopted by the employee meeting of the authorized company.

Other disclosure information shows that in the pfer of state-owned shares of the target company, the 18 million 150 thousand yuan financial claim of the ABC was acquired by the SASAC (entrusted by the SASAC, the financial non-performing creditor's disposal company, the Xinjiang Uygur Autonomous Region Xinye state-owned asset management Co., Ltd.), and it is an integral part of the pfer price.

After the pfer is completed, the target company and the pferee will no longer assume the debt. To meet the demand of the target company to purchase cotton funds this year, the target company will loan 10 million yuan to Hami commercial bank on mortgage of machine equipment and cooperate with subordinate enterprises in Hami.

The limited company provides loans to the Agricultural Development Bank of China for loans of 80 million yuan, and is currently handling related loan procedures.