Shenhuo Group sets up aluminum investment funds
2019-06-25 17:36:03 [Print]
On 24 June, Shenhuo Group (the Group) disclosed that Yongcheng Shenhuo Aluminum Equity Investment Funds (the Funds), which was set up by the Group with capital of RMB14 million (USD2.03 million), finished filing procedure at Asset Management Association of China based on laws and regulations and got Filing Certification for Private Investment Funds. In addition, the Funds increased capital of RMB17 million (USD2.47 million) for Shenglong Baoding New Material Co., Ltd. (Shenlong Baoding).
The Group made the decision on setting up funds out of consideration for better industrial layout and transformation development.
The scale of the Funds is RMB18 million (USD2.62 milion). Specifically, Shanghai Shenhuo Assets Management Co., Ltd. contributed RMB1 million (USD0.15 million) as GP, Shenghuo Group contributed RMB14 million (USD2.03 million) as LP and Shangqiu Putian Industry Co., Ltd. contributed RMB3 million (USD0.44 million) as LP.
After the capital increase, the Funds would hold about 7.48% shares of Shenlong Baoding, but the shares would drop to about 1.73% with capital reaching RMB966 million (USD140 million).
The Group made the decision on setting up funds out of consideration for better industrial layout and transformation development.
The scale of the Funds is RMB18 million (USD2.62 milion). Specifically, Shanghai Shenhuo Assets Management Co., Ltd. contributed RMB1 million (USD0.15 million) as GP, Shenghuo Group contributed RMB14 million (USD2.03 million) as LP and Shangqiu Putian Industry Co., Ltd. contributed RMB3 million (USD0.44 million) as LP.
After the capital increase, the Funds would hold about 7.48% shares of Shenlong Baoding, but the shares would drop to about 1.73% with capital reaching RMB966 million (USD140 million).
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