XAB Plan to Cancel Equity Transfering Contract with Greencool

Resource from: cbcc Likes:2969

Aug 03,2005

Xiangyan Automobile Bearing Co.,Ltd(XAB) are going to cancel the equity transfering contract with Greencool, becuase the contacted equity transfer activity was not approved by China Securities Regulation Commission(CSRC) and no equity transfering procedures were carried out so far by Greencool. On April 4 2004, XAB signed a contract with Greencool to transfer 41.91 million state owned shares to that company. But this contract was not fulfiled so far for its suspension by the CSRC and no valid transfering procedures. Recently, Greencool and its cooperation partner Kelon were involved in a embezzlement case. News on this case brought negative effect on both sides.

(cbcc)

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