China Northern Rare Earth announces integration update of Gansu Rare Earth
2018-04-19 17:38:29 [Print]
China Northern Rare Earth (Group) High-tech Co., Ltd. announced the integration update of Gansu Rare Earth New Material Co., Ltd. on April 18.
China Northern Rare Earth (Group) High-tech Co., Ltd. (the Company) passed the resolution about the Company's integration of Gansu Rare Earth New Material Co., Ltd. (Gansu Rare Earth) at the 17th meeting held by the 6th Board of Directors on July 25, 2017. The Company passed the resolution about the implementation of the integration with transferors of Gansu Rare Earth's stock rights after the reorganization at the 20th meeting held by the 6th Board of Directors on December 29, 2017.
Recently, the Company signed the equity transfer agreement with Gansu Rare Earth's equity transferors and finished the industrial and commercial registration of changes. Gansu Rare Earth's equity transferor CECEP New Material Investment Co., Ltd. (CECEP) transferred its entire 1.87% shares to Gansu Xinglong Nonferrous Metal New Material Venture Capital Fund Co., Ltd. and Gansu Xinglong Advanced Equipment Manufacturing Venture Capital Fund Co., Ltd., and the Company did not accept 0.65% shares from CECEP any longer. At this point, the Company purchased 43.7% of Gansu Rare Earth's stocks with RMB1,325 million this time, and totally held 48.7% of the latter's stocks.
China Northern Rare Earth (Group) High-tech Co., Ltd. (the Company) passed the resolution about the Company's integration of Gansu Rare Earth New Material Co., Ltd. (Gansu Rare Earth) at the 17th meeting held by the 6th Board of Directors on July 25, 2017. The Company passed the resolution about the implementation of the integration with transferors of Gansu Rare Earth's stock rights after the reorganization at the 20th meeting held by the 6th Board of Directors on December 29, 2017.
Recently, the Company signed the equity transfer agreement with Gansu Rare Earth's equity transferors and finished the industrial and commercial registration of changes. Gansu Rare Earth's equity transferor CECEP New Material Investment Co., Ltd. (CECEP) transferred its entire 1.87% shares to Gansu Xinglong Nonferrous Metal New Material Venture Capital Fund Co., Ltd. and Gansu Xinglong Advanced Equipment Manufacturing Venture Capital Fund Co., Ltd., and the Company did not accept 0.65% shares from CECEP any longer. At this point, the Company purchased 43.7% of Gansu Rare Earth's stocks with RMB1,325 million this time, and totally held 48.7% of the latter's stocks.
