The 7 companies of the other party to the transaction are all legal entities registered and existing in the Virgin Islands legally wholly owned by China Resources (Holdings) Co., Ltd. and have no affiliation with COFCO Biochemical.
The proposed acquisition of the company was established on August 15, 2001. It is a Thai legal entity registered under the laws of Thailand with a registered capital of 1.161 billion baht. The company is designed to produce 30,000 tons of citric acid per year, with an annual output of 18,000 tons of sodium sulfate, which is currently in a state of production suspension. As of June 30, 2011, the company's total assets of 337 million yuan, net assets of 7.672 million yuan, a loss of 9,475,500 yuan in the current period.
The two parties negotiated that the transfer price for the acquisition of 100% equity of the target company from the COFCO Bio-chemicals to the seller was RMB 20 million.
The company also plans to invest in the establishment of three Hong Kong companies - COFCO Anhui Biochemical (Hong Kong) Co., Ltd., Gang Hua Co., Ltd. and Chang Tai Industrial Co., Ltd. Among them, COFCO Anhui Biochemical (Hong Kong) Co., Ltd. has a registered capital of 26 million Hong Kong dollars and the company has a 100% investment ratio. The other two companies are acquiring companies.
The proposed acquisition of the company was established on August 15, 2001. It is a Thai legal entity registered under the laws of Thailand with a registered capital of 1.161 billion baht. The company is designed to produce 30,000 tons of citric acid per year, with an annual output of 18,000 tons of sodium sulfate, which is currently in a state of production suspension. As of June 30, 2011, the company's total assets of 337 million yuan, net assets of 7.672 million yuan, a loss of 9,475,500 yuan in the current period.
The two parties negotiated that the transfer price for the acquisition of 100% equity of the target company from the COFCO Bio-chemicals to the seller was RMB 20 million.
The company also plans to invest in the establishment of three Hong Kong companies - COFCO Anhui Biochemical (Hong Kong) Co., Ltd., Gang Hua Co., Ltd. and Chang Tai Industrial Co., Ltd. Among them, COFCO Anhui Biochemical (Hong Kong) Co., Ltd. has a registered capital of 26 million Hong Kong dollars and the company has a 100% investment ratio. The other two companies are acquiring companies.
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