Yangquan State-owned Capital Operation Investment Co., Ltd. signed the share transfer agreement to acquire Shanmei International Energy Group Sales Co.,Ltd., Shanxi Coal International Energy Group Qinhuangdao Co., Ltd., Shanxi Coal International Energy Group Huayuan Co., Ltd., Shanxi Coal International Energy Group Lvliang Co., Ltd. and Shanxi Coal International Energy Group Changzhi Co., Ltd. from Shanxi Coal International Energy Group Co., LTD. for CNY 5.
November 02, 2017
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Yangquan State-owned Capital Operation Investment Co., Ltd. signed the share transfer agreement to acquire Shanmei International Energy Group Sales Co.,Ltd., Shanxi Coal International Energy Group Qinhuangdao Co., Ltd., Shanxi Coal International Energy Group Huayuan Co., Ltd., Shanxi Coal International Energy Group Lvliang Co., Ltd. and Shanxi Coal International Energy Group Changzhi Co., Ltd. from Shanxi Coal International Energy Group Co., LTD. (SHSE:600546) for CNY 5 on November 3, 2017. The consideration was CNY 1 for each company. The 5 subsidiaries had total assets of CNY 2.91 billion, net liabilities of CNY 845.01 Million, revenue of CNY 2.22 billion and net loss of CNY 763.92 million for the year ended December 31, 2016. The transaction is subject to approval by the shareholders of Shanxi Coal International Energy Group Co. and approval of SASAC of Shanxi Province. The transaction was approved by the Board of Directors of Shanxi Coal International Energy Group Co. during the 6th directorate’s 27th meeting. Shareholders' meeting of Shanxi Coal International Energy Group Co., Ltd will be held on December 21, 2017. On December 21, 2017, the transaction was approved by the shareholders of Shanxi Coal International Energy Group Co.,Ltd. The 5 subsidiaries plan to borrow up to CNY 3.1 billion from controlling shareholder to repay debts to Shanxi Coal International Energy Group Co., LTD.
Shanxi Coal International Energy Group Co.,LTD mainly operates through three business segments, including Coal Production segment, Sale and Transportation of Coal segment and Non-coal Trading segment. Coal Production segment is involved in the production of raw coal and cleaned coal for the production of coke coal and power coal. Sale and Transportation of Coal segment is involved in the sale and transportation of power coal, coking coal, anthracite coal and semi-anthracite coal, which are mainly used in electric power and metallurgy industries. Non-coal Trading segment is involved in the trading of other mineral products and steel. The Company operates its business in domestic market and to overseas market.
Yangquan State-owned Capital Operation Investment Co., Ltd. signed the share transfer agreement to acquire Shanmei International Energy Group Sales Co.,Ltd., Shanxi Coal International Energy Group Qinhuangdao Co., Ltd., Shanxi Coal International Energy Group Huayuan Co., Ltd., Shanxi Coal International Energy Group Lvliang Co., Ltd. and Shanxi Coal International Energy Group Changzhi Co., Ltd. from Shanxi Coal International Energy Group Co., LTD. for CNY 5.