Three Gorges Travel (002627.SZ) released a major asset sale and related transaction report (draft). The company plans to hold...
According to Zhitong Finance App, Three Gorges Travel (002627.SZ) released a major asset sale and related transaction report (draft). The company plans to sell 40% of its shares in Yichang Transportation Auto Sales & Service Co., Ltd. (Auto Sales Company) to the controlling shareholder Yichang Transportation and Tourism Industry Development Group Co., Ltd. (Yichang Transportation and Tourism) and the indirect controlling shareholder Yichang City Development Investment Group Co., Ltd. (Yichang Chengfa) for 20% each; at the same time, it sells all of its direct claims on automobile sales companies and subsidiaries to Yichang Chengfa, as well as through its wholly-owned subsidiary Hubei Tianyuan Logistics Development Co., Ltd. (Tianyuan Logistics) directly holds 100% of the shares in Hubei Tianyuan Supply Chain Co., Ltd. (Tianyuan Supply Chain).
The transaction was carried out by means of a private agreement transfer, and Yichang Jiaotong Travel and Yichang Chengfa made the purchase by means of cash payment. After the transaction was completed, Three Gorges Tourism still held 30% of the shares in the automobile sales company, and the automobile sales company and Tianyuan supply chain were no longer included in the consolidated statements of listed companies. The transaction price is 184 million yuan. According to the provisions of Article 12 of the “Reorganization Management Measures”, this transaction constitutes a major asset restructuring.
Prior to this transaction, the main business of the listed company was integrated tourism service business and integrated transportation service business. The integrated tourism service business mainly includes tourist transportation services, sightseeing cruise services, travel agencies and tourist port services; the integrated transportation service business mainly includes passenger travel services, passenger car 4S services, and commercial logistics services.
Through this major asset restructuring, the listed company will divest the capital-intensive passenger car distribution and service business and supply chain management business, further focus on the main integrated tourism service business, avoid industry risks, reduce operating pressure, improve management efficiency, and improve the company's business structure and business conditions; through asset sales, this transaction is conducive to increasing the liquidity of listed companies, optimizing the asset structure, and enhancing the company's resilience to risks.