Asset Transfer Project of Sichuan Yinshan Chemical (Group) Co., Ltd. - Asset Evaluation Report Summary
Securities Code: 000675
Securities Abbreviation: ST Yinshan
Announcement Number: 2002-003
Announcement of the Resolutions of the Ninth Meeting of the Fifth Board of Directors and the Temporary Shareholders' Meeting in 2002
On March 14, 2002, the Ninth Meeting of the Fifth Board of Directors was held at the Neijiang Hotel Conference Room. Eight directors were expected to attend, with seven present and five supervisors in attendance. The meeting complied with the provisions of the Company Law and the Articles of Association, and the following resolutions were formed after deliberation:
-
The proposal regarding the sale of company assets was approved. The company intends to sell assets valued at CNY 145.6568 million to Neijiang Yinhua Chuan Sulfur Fertilizer Co., Ltd.; assets valued at CNY 75.3356 million to Neijiang Yinhua Environmental Building Materials Co., Ltd.; assets valued at CNY 33.5638 million to Neijiang Yinhua Inner Nitrogen Fertilizer Co., Ltd.; assets valued at CNY 40.6633 million to Neijiang Yinhua Fluoride Co., Ltd.; and assets valued at CNY 3.8982 million to Neijiang Yinhua Plastic Weaving Co., Ltd. The total assessed value of the sold assets is CNY 299.1177 million, with all five acquiring companies paying through debt assumption and cash for the balance. This proposal is subject to approval by the shareholders' meeting and consent from the mortgage creditors of the proposed assets.
-
The proposal regarding the transfer of equity stakes in five subsidiaries was approved. The company intends to transfer 81.82%, 80%, 80%, 80%, and 80% equity stakes in Neijiang Yinhua Chuan Sulfur Fertilizer Co., Ltd., Neijiang Yinhua Environmental Building Materials Co., Ltd., Neijiang Yinhua Inner Nitrogen Fertilizer Co., Ltd., Neijiang Yinhua Fluoride Co., Ltd., and Neijiang Yinhua Plastic Weaving Co., Ltd., respectively, based on the assessed value from November 23, 2001, totaling CNY 11.7 million, to Neijiang Fuxin Tianquan Trading Co., Ltd., which will also pay through debt assumption and cash for the balance.
-
The relevant proposals from the Seventh Meeting of the Fifth Board of Directors (previously announced on November 28, 2001, in the China Securities Journal and Securities Times) have been canceled due to the cancellation of the temporary shareholders' meeting originally scheduled for December 30, 2001. The following proposals are canceled and have not taken effect due to the company's current situation:
- Proposal regarding the custody of Neijiang Fuxin Tianquan Trading Co., Ltd.
- Proposal regarding the sale of assets to seven subsidiaries.
- Proposal regarding the sale of equity stakes in five subsidiaries.
- Proposal regarding amendments to certain provisions of the company's Articles of Association.
- Proposal regarding the capital increase in Tsinghua Siweier Software Technology Co., Ltd.
To expedite the asset sale and equity transfer, the Seventh Meeting of the Fifth Board of Directors has reviewed the proposal to authorize the Board of Directors to sign documents related to the asset sale and equity transfer and handle related matters.