Baota Petrochemical Group Became the Largest Shareholder of Xibei Bearing Co., Ltd

Resource from: CBCC Likes:3496

Oct 19,2010

Xibei Bearing Co., Ltd (00595) announced on October 19, the company received the notice given by the largest shareholder China Great Wall Asset Management Corporation on October 16, China Great Wall Asset Management Corporation transferred its 43.3659 million shares to Ningxia Baota Petrochemical Group, the two sides have already signed 《Shares Transfer Agreement》. After transfering all the shares, Baota Petrochemical Group will hold 43.3659 million shares of Xibei Bearing Co., Ltd, which accounts for 20% of the total shares and become the largest shareholder of Xibei Bearing Co., Ltd. The transfer price of the shares has not been published, it will be subjected to the final approval of Finance Ministry. Besides, China Great Wall Asset Management Corporation still hold 38.5515 million shares of Xiber Bearing Co., Ltd, accouts for 17.78% of the total shares of Xibei Bearing Co., Ltd. According to the statistics, Baota Petrochemical Group currently has the production capacity of processing crude oil 3.7 million tons in the first time and processing 2.2 million tons in the second time with complete quality facility of reconstruction, hydrogenation, aromatics, isomerization, etherification and equipment for further chemical processing of polypropylene. The sales revenue of Baota Petrochemical Group reached 4.2 billion yuan in 2009. Xibei Bearing Co., Ltd lost 66.5 million yuan in the first half of this year, reorganization has been expected all the time. However, Baota Petrochemical Group promised that there is no assets reorganization plan within the next six months.

(CBCC)

【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 High-Quality Special Steel Products from Suzhou Steel Group Co., Ltd Firstly Entered into African Market
Next "LYC" was Identified as "Chinese Well-know Trademark"

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.