Metallurgical Corporation of China (MCC) (01618) has announced that it intends to increase its holdings in MCC Road & Bridge Co., Ltd. ("MCC Road & Bridge") by non-public agreement and has entered into an agreement with Shanghai Baoye Group Co., Ltd. ("Shanghai Baoye") to increase MCC Road & Bridge's shares by 100%, based on the audited net assets and evaluation value of MCC Road & Bridge as of April 30, 2024, with other shareholders of Shanghai Baoye increasing their holdings in proportion to MCC's investment. After the capital increase, MCC Road & Bridge will become a wholly-owned subsidiary of Shanghai Baoye, and MCC's shareholding in Shanghai Baoye will remain at 97.93%. The number of second-level subsidiaries included in the company's consolidated financial statements will decrease.
Zhongjin Lingnan (01618) announced that it plans to increase its holdings of MCC Road & Bridge Co., Ltd. ("MCC Road & Bridge") and has entered into a non-public agreement with Shanghai Baoye Group Co., Ltd. ("Shanghai Baoye") to increase MCC Road & Bridge's shares by 100% by using the audited net asset value appraisal and evaluation value of MCC Road & Bridge as of April 30, 2024, as the basis of confirmation, with other Shanghai Baoye shareholders increasing their holdings in proportion to MCC's investment. After the capital increase, MCC Road & Bridge will become a wholly-owned subsidiary of Shanghai Baoye, and Zhongjin Lingnan's shareholding in Shanghai Baoye will remain at 97.93%. The number of second-level subsidiaries included in the company's consolidated financial statements will decrease.