GEM to spin off electronic waste business
2020-10-22 17:40:01 [Print]
GEM announced on October 20th that it signed an Equity Transfer Agreement with several employee stock ownership platform companies, aiming to transfer 7.0217% shares of Jiangxi GEM Resource Recycling Co., Ltd. to the platform companies. The overall evaluation of the equity transfer of Jiangxi GEM is RMB1.5 billion (USD225.13 million) and the final price is RMB105 million (USD15.76 million) after the negotiations of all relative parties.
Jiangxi GEM signed an Investment Increase Agreement with many strategic investment companies on October 20th. More than ten strategic investment companies will invest a total of RMB568 million (USD85.25 million) this time. After the investment is increased, GEM will continue to be the share holder of Jiangxi GEM with its proportion of shares of the latter to drop from 100% to 67.4407%; in addition, Jiangxi GEM will continue to be included in the consolidation of accounting statement of GEM in the future. The introduction of strategic investment companies this time indicates that further progress has been made in the separation and listing of GEM's electronic waste recycling business.
According to the announcement of GEM on August 25th, it formally launched the preparation work of separating the electric waste business of the group company with Jiangxi GEM as the main part and making it listed on a stock exchange in China. With its industrial park in Jiangxi as the main part, GEM will spin off its electronic waste business and assets in six industrial parks in Jiangxi, Hubei, Henan, Shanxi and Inner Mongolia and put them listed so as to establish separate capital channels for development, expand urban mining industry with electronic waste as the mainstay and build a world-class waste recycling industry group.
Jiangxi GEM signed an Investment Increase Agreement with many strategic investment companies on October 20th. More than ten strategic investment companies will invest a total of RMB568 million (USD85.25 million) this time. After the investment is increased, GEM will continue to be the share holder of Jiangxi GEM with its proportion of shares of the latter to drop from 100% to 67.4407%; in addition, Jiangxi GEM will continue to be included in the consolidation of accounting statement of GEM in the future. The introduction of strategic investment companies this time indicates that further progress has been made in the separation and listing of GEM's electronic waste recycling business.
According to the announcement of GEM on August 25th, it formally launched the preparation work of separating the electric waste business of the group company with Jiangxi GEM as the main part and making it listed on a stock exchange in China. With its industrial park in Jiangxi as the main part, GEM will spin off its electronic waste business and assets in six industrial parks in Jiangxi, Hubei, Henan, Shanxi and Inner Mongolia and put them listed so as to establish separate capital channels for development, expand urban mining industry with electronic waste as the mainstay and build a world-class waste recycling industry group.
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