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Recently, the first meeting of the fifth board of directors of Sichuan Lutianhua Co., Ltd. reviewed and approved the "Proposal on the Sale of Inner Mongolia Tianhe Chemical Co., Ltd.", and Lutianhua plans to sell 28% of Tianhe Chemicals held by the company. Transferred to Sichuan Chemical Holdings (Group) Co., Ltd.
Tianhe Chemical was established in August 2006 with a registered capital of RMB 100 million and its registered address is Bayannaoer City, Inner Mongolia. It is mainly engaged in the production and sales of dimethyl ether. Since Tianhe Chemical is currently in a serious loss state, net assets have been negative in 2011. At the same time, Lutianhua’s original intention of investing in Tianhe Chemical’s equity, with its Tianhe Chemical local authorities promised to provide corresponding coal resources to meet the company’s resource strategy, but due to supporting The coal resources could not be implemented, resulting in the basic loss of Tianhe Chemical's development capability. Therefore, the company intends to sell 28% equity of Tianhe Chemical.
Lutianhua and Sichuan Chemical Holding Group will transfer the equity through friendly negotiation. The subject of this transaction is Tianhe Chemical's 28 million shares held by Lutian Chemical, which account for 28% of the total share capital of Tianhe. After the sale was completed, Lutianhua no longer held equity in Tianhe Chemical. The asset sale has been considered and approved by the company's fifth board of directors, but it still needs to be evaluated by an intermediary agency with relevant qualifications, and the relevant department should record or approve it. After the evaluation result is determined, Lutianhua will comprehensively measure various factors based on the evaluation results, formulate the transaction price and report it to the board of directors of the company for review. The board of directors of the company authorizes the management level to carry out the establishment, auditing and evaluation of the transfer of Tianhe Chemical's equity. Exceeding the scope of the above authorization must be approved by the board of directors before implementation. Lutianhua will strictly follow laws and regulations, the "Stock Exchange Listing Rules of Shenzhen Stock Exchange," and Other requirements to implement the corresponding approval procedures and timely perform the subsequent information disclosure obligations.
The sale of Tianhe Chemical's equity will help Lutianhua control the operational risks, concentrate on developing the company's advantageous industries, optimize the industrial structure, strengthen the company's core competitiveness, and enhance the profitability of listed companies, which is more conducive to the long-term development of listed companies.
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