On June 25, Western Cement announced that it had reached a number of transactions with Conch Cement to sell its related companies and assets in Xinjiang.
On August 15, Western Cement announced again that the sale had been completed on August 15 in accordance with the terms of the equity transfer agreement and the asset purchase agreement. After the completion of the transaction, the target company involved will no longer be a subsidiary of West Cement, and its financial information will no longer be included in the comprehensive accounting of West Cement Group. In addition, the relevant target assets have been transferred to the corresponding asset buyers in accordance with the asset purchase agreement.
It is reported that on August 11, Conch Cement established Hetian Conch Cement Co., Ltd., Yutian Conch Cement Co., Ltd. and Moyu Conch Cement Co., Ltd. with registered capital of 80 million RMB, 80 million RMB and 400 million RMB respectively. Its business scope includes cement production and cement products manufacturing, and its registered address is in Hotan, Xinjiang.
In addition, in recent days, the names and shareholders of Western Cement enterprises in Xinjiang have been changed one after another: Yili Yaobai Cement Co., Ltd. has been changed to Yili Conch Cement Co., Ltd .; Xinjiang Baihang Environmental Protection Technology Co., Ltd. was changed to Yili Conch Environmental Protection Technology Co., Ltd .; Huocheng County Nangang Xixin Mining Co., Ltd. was changed to Huocheng Conch Mining Co., Ltd. , and the three companies were jointly owned by Anhui Conch Cement Co., Ltd. and its Conch (Shaanxi) Holding Co., Ltd.
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