Guangxi Non-ferrous Metal publicly transfers bankruptcy asset for RMB4.5 billion
2017-02-10 17:34:13 [Print]
Recently, entrusted by Guangxi Non-ferrous Metal Group Co., Ltd., Guangxi Beibu Gulf Equity Exchange Co., Ltd. has conducted asset listing tranfer for the company and received 21 offers based on total listing price exceeding RMB4.5 billion.
It is reported that the company was set up in July 2008 and is a conglomerate led by SASAC based on Liuzhou China Tin Group and other six autonomous-level or national enterprises in accordance of the requirement of “to build non-ferrous metal industry of RMB100 billion” from Guangxi Zhuang Autonomous Region. It is also the only solely state-owned enterprise in Guangxi with integration of mineral resources exploration, mining, dressing, smelting, deep processing, trade, scientific research and construction. With shouldering the non-ferrous metal mineral resources in Guangxi, the company bears the responsibility to transform the resource advantages into industrial and economic advantages.
Guangxi is advantageous with abundant mineral resources. The company’s several mineral reserves rank top position in China, including tin, zinc, indium, antimony, tungsten trioxide, rubidium, etc. In addition, the company also controls 200 million tons of iron ore, 100 million tons of manganese ore in the international market with total value of non-ferrous minerals exceeding RMB500 billion.
On December 18, 2015, the company submitted bankruptcy reorganization application to intermediate court in Nanning with the reason of inability of due debt payment and insufficient capitals. The court ended the company’s reorganization process and announced bankruptcy on September 12, 2016.
The company has been indeed incapable for debt payment till bankruptcy reorganization. Related sources disclosed that the company saw a decrease to RMB4.286 billion in total asset with liabilities increasing to RMB9.29 billion, owner's equity up to a negative of RMB5.005 billion and asset liability ratio as high as 216.77%.
It is reported that the company was set up in July 2008 and is a conglomerate led by SASAC based on Liuzhou China Tin Group and other six autonomous-level or national enterprises in accordance of the requirement of “to build non-ferrous metal industry of RMB100 billion” from Guangxi Zhuang Autonomous Region. It is also the only solely state-owned enterprise in Guangxi with integration of mineral resources exploration, mining, dressing, smelting, deep processing, trade, scientific research and construction. With shouldering the non-ferrous metal mineral resources in Guangxi, the company bears the responsibility to transform the resource advantages into industrial and economic advantages.
Guangxi is advantageous with abundant mineral resources. The company’s several mineral reserves rank top position in China, including tin, zinc, indium, antimony, tungsten trioxide, rubidium, etc. In addition, the company also controls 200 million tons of iron ore, 100 million tons of manganese ore in the international market with total value of non-ferrous minerals exceeding RMB500 billion.
On December 18, 2015, the company submitted bankruptcy reorganization application to intermediate court in Nanning with the reason of inability of due debt payment and insufficient capitals. The court ended the company’s reorganization process and announced bankruptcy on September 12, 2016.
The company has been indeed incapable for debt payment till bankruptcy reorganization. Related sources disclosed that the company saw a decrease to RMB4.286 billion in total asset with liabilities increasing to RMB9.29 billion, owner's equity up to a negative of RMB5.005 billion and asset liability ratio as high as 216.77%.
