White Power Integration Speeds Up TCL Appliances Plans To Acquire Nearly 23% Shares Of Omar

TCL appliance is further controlling Omar.

On the evening of August 17, Omar electric announced that TCL Electric Appliance Group intends to offer to purchase 22.99% shares of the listed company at a price of 6 yuan / share. If the tender offer is completed, TCL appliances and its persons acting in concert will hold 50% of the total shares of Omar.

Affected by this, on August 18, Omar electric opened a word board trading limit, the stock price was 5.72 yuan.

Omar mainly produces refrigerators and freezers, most of which are used for export. However, in recent years, due to the financial business drag, it is in deep financial crisis. TCL electric appliances, on the other hand, has been focusing on Omar's refrigerator business since the beginning of the year, aiming to strengthen TCL's white power sector.

Recently, Li Dongsheng, the founder and chairman of TCL, said in an interview with 21st century economic reporter: "at this stage, we support Omar refrigerator team to continue to do a good job in its core business. We acquired Omar because Omar's refrigerator business has been healthy and competitive in the refrigerator industry. The problem with Omar is that there are some non refrigerator businesses, mainly Internet finance businesses, which have always had a great impact on the company's business performance. Our top priority is to separate and clean up the Internet financial business. "

Further control of TCL appliances

According to the announcement, as of the signing date of the summary of the tender offer report, TCL appliance group held 24.88% of the total shares of Omar electric appliances; Zhongxin Rongze holds 2.13% of the total issued shares of Omar; TCL appliance group and Sino Singapore Rongze are acting in concert, holding 27.01% of the total issued shares of Omar.

After the completion of the tender offer, TCL appliance group and Zhongxin Rongze hold 542055714 shares of Omar, accounting for 50% of the total issued shares of Omar. With the further increase of TCL's shareholding ratio, its control over Omar has gradually increased.

Looking back on the time line, TCL has been fighting with Omar since the beginning of the year. Until April 9, two candidates nominated by TCL appliance group were elected as non independent directors of Omar electric appliances at the temporary shareholders' meeting of Omar, and formally entered the board of directors of Omar.

Prior to this, Omar's board of directors has rejected TCL appliance's proposal to hold a shareholders' meeting and add independent directors for three consecutive times. Omar rejected the requirements of TCL appliances on the grounds of non-compliance with relevant procedures, and even aroused the attention of capital market supervision.

At the same time, Omar electric also hinted that according to the relevant articles of association of the company, if the actual control right of the company changes, the new controller may not be able to obtain the core subsidiary Guangdong Omar refrigerator.

Finally, on April 30, the first meeting of the Fifth Board of directors of Omar Electric Co., Ltd. was held. Hu Dianqian was elected as the chairman of the board of directors, members of the special committees of the Fifth Board of directors, and Wang Hao was appointed as the general manager of the company and concurrently the financial director. After passing the antitrust review, TCL electric appliances officially took the helm of Omar electric appliances, and the equity dispute came to an end.

After nearly half a year, TCL electric appliances entered Omar electric appliances and further consolidated its position in the listed companies. With the senior executives of TCL appliances entering the board of directors and management, the integration of TCL appliances for Omar will also start.

In the previous major restructuring of TCL, TCL appliance group and mobile phone related businesses were stripped out of TCL technology, a listed company. Subsequently, mobile phones were incorporated into TCL Electronics (a Hong Kong stock listed company), which mainly deals in television. Now, with TCL appliance group winning the controlling right of Omar electric appliances, it is possible for TCL's white TV business to be integrated and restructured in the future, which is also predicted by some insiders, TCL appliances may be backdoor listed in the future.

Spin off financial business and accelerate white power integration

At present, the performance of Omar electric appliances saw an increase in the first half of this year. On August 6, the financial report disclosed by Omar electric showed that in the first half of 2021, its revenue reached 4.806 billion yuan, a year-on-year increase of 33.99%, and the net profit attributable to its parent reached 78.1161 million yuan, a year-on-year increase of 42.86%.

During the reporting period, Omar refrigerator achieved a total of 5.6805 million refrigerators, with a year-on-year increase of 14.90%. Among them, 5.1766 million refrigerators were exported, ranking first in the industry, with a year-on-year growth of 15.80%.

However, in the first half of the year, the financial technology sector of Omar Electric Co., Ltd. achieved a business income of RMB 0 million, a year-on-year decrease of 100%, and the net loss attributable to the listed companies reached 149 million yuan, a year-on-year decrease of 13.55%. The net cash flow generated from operating activities was - 931 million yuan, mainly due to the increase of factoring receivables in this business sector.

Last year's performance was even less optimistic. In 2020, the company's operating revenue was 8345133600 yuan, an increase of 12.89% over the same period of last year; The net profit attributable to shareholders of the listed company was -539.7372 million yuan, down 1112.86% over the same period of last year; After deducting non net profit - 510100600 yuan, it decreased by 3037.03% compared with the same period of last year.

Obviously, refrigerator is Omar's hard core business line, and it is urgent to get rid of the burden of financial losses. Facing the future, Omar said that it would focus on the refrigerator business, and the system of funds, credit, customers and suppliers related to the refrigerator business was complete and independent, and would not be affected by the financial technology business sector.

Hu Dianqian, CFO of TCL industry, told reporters of the 21st century economic report that the (divestiture) work is in progress. The new board of directors and management will actively deal with the Internet financial business of non core assets. "The future direction is to focus on the main business, especially the distribution of household appliances, especially refrigerators, and achieve synergy with the whole TCL household appliance group, including washing machines, etc. In addition, we will make use of our global supply chain layout and give full play to the ability of overseas sales network to achieve the synergy benefits of strong and strong cooperation. "

In the process of further taking power of TCL appliances, the integration of white power and other businesses of both sides will also be accelerated. For example, in the overseas market, Omar's export is a strong point, and TCL itself has overseas channels. After integration, it will help both sides expand their overseas market share; After the black electricity market peaked and slowed down, TCL is also adding white power product lines, which can not only make up for the short board, but also start from the refrigerator field to rapidly expand the scale of white power.

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