- ISIN KYG215AT1023
- Land Hong Kong
China Zhongwang Holdings Limited
China Zhongwang & Receives Strong Shareholder Support to Its A-share Spin-off at EGM
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To Business Editors China Zhongwang Receives Strong Shareholder Support to Its A-share Spin-off at EGM (Hong Kong, 6 September 2016) – China Zhongwang Holdings Limited (“China Zhongwang” or the “Company”, together with its subsidiaries, the “Group”, HKSE stock code: 01333) hosted an Extraordinary General Meeting to seek shareholder approval in relation to its proposed A-share spin-off today. The Company received a significant majority of votes in support of all resolutions, which included the approval of the asset transfer agreement signed between the Group and CRED Holding Co. Limited (“CRED Holding”, SSE stock code: 600890) and the proposed spin-off of Liaoning Zhongwang, marking another major step on the road of the A-share spin-off. In March 2016, the Group announced an asset transfer agreement with CRED Holding, under which the Group will inject its industrial aluminium extrusion business into CRED Holding to achieve a spin-off on the A-share market. Upon the approval by China Securities Regulatory Commission and Ministry of Commerce and the completion of the transaction, the Group will have a clear business structure, with the Hong Kong listed entity having a more distinctive business focus reflecting its competitive strengths for the benefit of the Group’s long-term development. Mr. Lu Changqing, President and Executive Director of China Zhongwang, said, “The transaction is a major milestone in China Zhongwang’s business development. Upon completion of the spin-off, the Group will benefit from a clear division of business and management to propel the growth of its various business arms. It will also have a positive impact on the development of the industry as a whole. The Hong Kong listed entity, as the major shareholder, will continue to share the solid business growth of the industrial aluminium extrusion business and stand to reap the benefit of the revaluation opportunity to truly reflect our corporate value, thereby rewarding shareholders with improved returns.” – End – About China Zhongwang Holdings Limited In addition, to further leverage its existing strengths in the industry, the Group is developing the high value-added aluminium flat-rolled product project. The planned annual production capacity of the two production lines under construction reaches 1.8 million tonnes. Upon completion, the project will become the world’s largest top-notch aluminium flat rolling production base with state-of-the-art equipment. This new business venture will not only enable the Group to further capitalize on its leading edge in aluminium alloy smelting and casting and product R&D, but also achieve synergistic development with its existing industrial aluminium extrusion and deep processing businesses by taking full advantage of shared resources. For further information on the Group, please visit www.zhongwang.com. For media enquiries, please contact: Cornerstones Communications Limited Document: http://n.eqs.com/c/fncls.ssp?u=MMJDSGUMEJ Document title: EGM_press release Key word(s): AGM/EGM
06/09/2016 Dissemination of a Press Release, transmitted by EQS Group. |