Tongfang Youyou announced that it will sell three subsidiaries, including Yangzhou Tongfang, Shanghai Cuieng and Tianjin Zhenmingli to the controlling shareholder Tongfang Group, with a share transfer consideration of RMB 230 million (RMB, the same below), RMB 15.72 million and 335 respectively. Ten thousand yuan, that is, a total of nearly 250 million yuan.
The Company has stated that each of the three subsidiaries has a number of idle assets, which are used to streamline its manufacturing resources, obtain cash and realize the value of the investment in the fair market value. The net proceeds from the Disposal will be used to improve the operating cash position.
Upon completion of the equity transfer agreement, the company expects to record an equity transfer income of approximately RMB 100 million and an increase in net asset value of approximately RMB 100 million.
According to the announcement, the main business of Yangzhou Tongfang is epitaxial wafer, LED decorative light, LED general lighting products, LED professional lighting products and lighting engineering. The net asset value as of May 31, 2016 was RMB 185,363,200. The principal activity of the Group is investment holding, and the net debt as of May 31, 2016 was RMB 16,752,000. The principal activity of the Group is investment holding, and the net debt as of May 31, 2016 was RMB 15,311,100.
Anyang Kayo Amorphous Technology Co.,Ltd is located on the ancient city-Anyang. It was founded in 2011 that specializes in producing the magnetic ring of amorphous nanocrystalline and pays attention to scientific research highly,matches manufacture correspondingly and sets the design,development,production and sale in a body.Our major product is the magnetic ring of amorphous nanocrystalline and current transformer which is applied to the communication, home appliances,electric power,automobile and new energy extensively.We are highly praised by our customers for our good quality,high efficiency,excellent scheme,low cost and perfect sale service.
Low Loss Magnetic Ring,Versatile Magnetic Core,High Property Iron Core,High Saturation Iron Core
Anyang Kayo Amorphous Technology Co.,Ltd. , https://www.kayoamotech.com