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Ningbo Fubang to set up aluminium unit with USD 30 million

Metal News - Published on Thu, 12 Jul 2018

Image Source: Ningbo Fubang Limited
Reuters reported that Ningbo Fubang Jingye Group Co Ltd plans to set up aluminium unit with registered capital of 200 million yuan (USD 30.23 million).

Overview of foreign investment
In order to optimize the company's organizational structure, further improve the efficiency of business management, while at the same time. The foundation for asset optimization and integration work, Ningbo Fubang Jingye Group Co., Ltd, it is planned to invest in the establishment of a wholly-owned subsidiary, Ningbo Fubang Aluminum Materials Co., Ltd.

Referred to as “Fubon Aluminum”, the registered capital is RMB 200 million.
Fubon Aluminium will be completed by the company's aluminum plant (the company's branch) until May 2018 On the 31st, the net book value of assets and liabilities related to the aluminum sheet and strip business was funded and established.

Realize the restructuring and divestiture of the aluminum sheet and strip business, related business, assets and personnel, etc.

All production and operation elements are also undertaken by the newly established subsidiary.

The company held the seventh meeting of the eighth board of directors on July 10, 2018.

After the "Proposal on the Establishment of a wholly-owned subsidiary", the matter will be submitted to the company's shareholders meeting for review.
Approved. This foreign investment does not constitute a connected transaction, nor does it constitute a major capital of the listed company.

Major asset restructuring as stipulated in the Measures for the Administration of Production and Restructuring.

Second, the basic situation of the proposed investment assets
The company's aluminum plant was established in 2002 and is located in Camel Street, Zhenhai District, Ningbo.

It has 350 employees and is mainly engaged in the production and sales of aluminum sheet and strip products. This proposed investment with aluminum
Assets and liabilities related to the strip and strip business include housing ownership and land use rights, production facilities Provision, inventory, accounts receivable, accounts payable, employee payables, other payables, etc.

Source :

Posted By : Joykumar Irom on Thu, 12 Jul 2018
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