Binhai Teda Logistics (08348) announced that the company plans to publicly sell its stake in Tianjin Taida Hang Cold Chain Logistics Co., Ltd. through the Tianjin Property Rights Trading Center by public listing...
According to the announcement by Binhai Teda Logistics (08348), the company plans to sell all 60% of its equity in Tianjin Taida Hang Cold Chain Logistics Co., Ltd. through the Tianjin Property Rights Trading Center by public listing. In accordance with the relevant requirements for the transfer of state-owned assets of Chinese companies, the potential sale will be conducted by public listing on the Tianjin Property Rights Trading Center...
It is reported that the target company is a company established in China with a registered capital of RMB 0.2 billion yuan. The company and Sino Biopharmaceutical Limited respectively hold 60% and 40% of their registered capital. Sino Biopharmaceutical Limited is wholly owned by China National Pharmaceutical Group Corporation (CNPGC), a company listed on the Hong Kong Stock Exchange (stock code: 1177), and is its major shareholder. Therefore, Sino Biopharmaceutical Limited is an affiliate of the company. According to the target company's articles of association, Sino Biopharmaceutical Limited has the right of first refusal for the 60% equity being sold and has waived this right in writing before the company officially announced the potential sale on the Tianjin Property Rights Trading Center...
After the potential sale is completed, the company will no longer hold any equity in the target company, and the target company will no longer be a joint venture of the group...
According to the announcement, the potential sale is one of the business development strategies for the company to further optimize its industrial structure, improve its business efficiency and asset resource efficiency. The directors believe that the potential sale can enable the company to liquidate its investment in the target company and further use resources to maintain and develop the group’s existing main business...