XAB Indicate Uncertainty of Equity Transition Deal

Resource from: cbcc-yinx Likes:2934

Mar 29,2007

XAB Indicate Uncertainty of Equity Transition Deal Xiangyang Automobile Bearing Group Corp (Xiangyang Bearing: Shenzhen Exchange 000678) released a notice on Mar. 29, indicating the uncertainty of their previous equity transition deal with TSB Bearing. The notice are as following: As our stock price has rised notably in three consecutive dealing days, the total deviation rate against the average index of its peers has reached 20%, we need to make a declaration of recent conditions in accordance with the “Listing Rules of Shenzhen Stock Exchange” as followings: 1 Process of the equity transition. Our company, Xiayang Automobile Bearing Group Corp. (hereinafter refered to as XAB), the largest shareholder in the company, signed an equity transition agreement with TSB Bearing on Jan. 6 2006 to transfer 419.13 million of its state-owne shares to TSB. On June 14, the Hubei provincial authorities approved this deal. However, we are still waiting for policy support by State-owned Assets Supervision & Administration Commission of the State Council, because the share transferred are owned by the state. Due to the uncertainty of establishment of such policy, the transition deal may take a long time to be completed. We will release the latest dynamics when possible. 2 According to large shareholders and XAB’s current men in charge, the equity transition deal between XAB and TSB is under approval. At present, both sides didn’t have the intent to cancel the deal. TSB Bearing has allocated two high-level officials working in XAB since the agreement was signed. 3 The company is under formal operating, no important information was hidden. 4 So far the company have never released misleading informations.

(cbcc-yinx)

【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.

Add to My Favorites

[Close the window]

Previous Wanxiang Bearing See a Well Beginning in 2007
Next Liaoning Sees Machine Tool Export Expansion at Lower Price

BRIEF INTRODUCTION

Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.

Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.

China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.