The hottest increase in Jushi group's China glass

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China glass fiber, which wants to fully control the major profit maker of Jushi group, has suspended trading for one month. China glass fiber disclosed its restructuring plan as scheduled and plans to acquire the remaining 49% equity of its holding subsidiary Jushi group

the plan released by the company on April 8 shows that it plans to issue about 154.25 million shares per share to the major shareholder China national building materials, the second shareholder Zhenshi holding group, Zhencheng International Co., Ltd., sorest Finance Co., Ltd. and other four companies, and purchase 49% equity of Jushi group held by them. The valuation of the target is about 2.935 billion yuan. After the completion of this transaction, China Fiberglass will hold 100% equity of Jushi group

it is reported that China glass fiber is mainly engaged in the production and sales of glass fiber and products, and previously held 51% equity of Jushi group. Jushi group's production scale of glass fiber and products ranks first in the world. Its main business income and net profit contribute more than 90% to China's glass fiber, and it is the core enterprise of China's glass fiber

according to the plan, as of December 31, 2009, the audited book net asset value of Jushi group was 3.034 billion yuan. After preliminary estimation, the estimated value of the 49% equity was about 2.935 billion yuan, and the estimated appreciation rate of the assets to be purchased was about 97.42%. China building materials, Zhenshi group, sorest and Zhencheng international hold 11.50%, 11%, 18.50% and 8% equity respectively. China glass fiber plans to issue 36.2 million shares, 34.63 million shares, 58.24 million shares and 25.18 million shares to the four companies. The final number of new shares to be issued will be determined by all parties through negotiation

according to the data, Jushi group, established in June 2001, is the world's largest professional manufacturer of glass fiber, which has effectively reduced the failure rate, and the glass fiber production capacity has reached 900000 tons. Its main products include untwisted roving, dry chopped precursor, continuous glass fiber yarn, bulked yarn, etc., and it is one of the four largest suppliers in the world's largest glass fiber Market - the U.S. market

China Fiberglass said today that before this transaction, Jushi group had been the holding subsidiary of the company and was included in the scope of consolidation. After the transaction is completed, it will hold 100% of the equity of Jushi group, which is of positive significance for the company to expand its business scale and increase shareholder income. It is best to consider all factors to further consolidate and strengthen its leading position in the industry

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