Baosteel Group Co., Ltd. intends to transfer its holdings of Nanjing Nanjing Automobile Tooling Co., Ltd. 35 percent stake in the listed price of 128 million yuan. The old shareholders of the subject company SAIC, Donghua Automotive Industry not to abandon the exercise of right of first refusal.
Target enterprise was established on April 6, 2001, registered capital of 153 million yuan, the number of employees 486 people. According to the official website of the target company, the subject company is committed automotive die design / development / manufacturing, and extends to the auto parts, automotive stamping parts business. In recent years, GM, Shanghai Volkswagen, Guangzhou Honda automobile plant design, manufacturing a large number of molds, checking fixtures, molds are also exported to the United Kingdom, Japan, Iran, Israel and other countries.
Ownership structure shows that Shanghai Automotive Group Co., Ltd. and Baosteel Group Co., Ltd. holds a 35 percent stake in the target company, Donghua Automotive Industrial Co., Ltd. holds the other 30% stake.
Financial data show that in 2010, the target company achieved operating income of 260 million yuan, net profit of 3.0765 million yuan; 2011, the subject company achieved operating income of 322 million yuan, net profit loss of 13.3739 million yuan; As of April 30 this year, the subject The company achieved operating income of 95.9345 million yuan, net loss of 612,600 yuan.
Appraisals Limited, an assessment-funded assets, December 31, 2011, the total book value of the underlying assets of the company 536 million yuan to assess the value of 625 million yuan; the carrying value of net assets of 274 million yuan, the assessed value of 3.65 billion; transfer target, corresponding to the assessed value of 128 million yuan.
The transfer request, the intention of the assignee should be an independent legal entity registered in China and existing, should be large-scale enterprises in the automotive industry has a good financial position and ability to pay should be in good standing, fraud and unscrupulous business records.
SAIC is the subject of NAC mold right to speak. SAIC holds a 75 percent stake in Donghua Automotive Industrial Co., Ltd., which SAIC is actually directly holds 35% equity interest in Nanjing Automobile mold, and indirectly holds 30% of the shares in the NAC mold. Transferor Baosteel Group is a strategic investor in the subject was introduced in 2008. Old shareholders does not give up the exercise of limited purchase rights, the industry is the possibility of SAIC took over.
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