Northern Rare Earth becomes largest shareholder of Gansu Rare Earth on acquisition of 44.35% of equity
2017-07-26 17:49:08 [Print]
China Northern Rare Earth (Group) High-Tech Co., Ltd. announced on the evening of July 25 to acquire equities of 28.52%, 9.29% and 6.54% (44.35% in total) in Gansu Rare Earth New Material Co., Ltd. respectively from Gansu Rare Earth Golden Panda Rare Earth Co., Ltd., Gansu Rare Earth State-owned Asset Investment Group Co., Ltd. and Gansu Industrial Transportation Investment Co., Ltd. After the acquisition, China Northern Rare Earth will hold 49.35% of equity in Gansu Rare Earth, becoming its controlling and the largest shareholder of the latter and meanwhile realizing consolidated financial statements.
According to the announcement, with registered capital of RMB495.375 million, Gansu Rare Earth is a large state-owned enterprise under tha management of Gansu SASAC and mainly produce and trades rare earth products and related application products based on annual processing capacity of 30,000t for rare earth concentrate. The company has owned a complete industrial chain of rare earth processing and separation and production of rare earth metals, rare earth abrasives, rare earth hydrogen storage materials, rare earth luminescent materials, rare earth permanent magnet materials, caustic soda, etc. Up till March 31 of 2017, Gansu Rare Earth had achieved total asset of RMB3.212 billion with net asset of RMB2.67 billion and realized operating income of RMB262 million in Q1 with net profit of RMB9.857 million during the period.
According to the announcement, with registered capital of RMB495.375 million, Gansu Rare Earth is a large state-owned enterprise under tha management of Gansu SASAC and mainly produce and trades rare earth products and related application products based on annual processing capacity of 30,000t for rare earth concentrate. The company has owned a complete industrial chain of rare earth processing and separation and production of rare earth metals, rare earth abrasives, rare earth hydrogen storage materials, rare earth luminescent materials, rare earth permanent magnet materials, caustic soda, etc. Up till March 31 of 2017, Gansu Rare Earth had achieved total asset of RMB3.212 billion with net asset of RMB2.67 billion and realized operating income of RMB262 million in Q1 with net profit of RMB9.857 million during the period.
