TSB Group Co.,Ltd Successfully Acquire XAB
Resource from: cbcc-yinx Likes:3056
Jan 09,2006
Jan. 6 2006, XAB(Xiangyang Automobile Bearing Co.,Ltd) signed the equity transfering constract with TSB Group Co.,Ltd(TSB). About 41.91million shares were transfered to TSB from XAB, at the price of 2.79 yuan/share, the equity transfering totally cost 116.94 million yuan.
Up to Jan. 6, TSB had held 120,700 float share of XAB. After the equity transfering, TSB will become the largest shareholder in XAB with 42.03 million shares altogether, about 29.93% of XAB's equity. XAB ranked the second with 5 million shares, only 3.56% of the total equity.
Known from TSB, there are no business overlap between XAB and TSB and its other bearing related industries. As a result, TSB have decided to move their head office and major plant to Xiangfan city, Hubei province about one year later and change their company register place from Ningbo, Zhejiang province to Xiangfan.
TSB have announced that they will make a fully integration between themselves and XAB. Making full use of the existed XAB production facilities and research & development center.
In addition, TSB had promised in the contract to propose an feasible equity division reform plan with all non-float share shareholders, in 90 days after the formal announcement of the equity transfering report.
Tiansheng Bearing(TSB)
TSB Group Co.,Ltd was founded in August 2000 in Beilun district, Ningbo city. They are a joint venture formed by TSB Group USA,.Inc and Tiansheng Bearing Co.,Ltd, founded by Mr. Ding yi and Mr. Hu guomei. The registered capital of this joint venture is 100 million yuan. Concerning the ownership, TSB USA, Mr.Ding yi and Mr. Hu guomei hold 76.6%, 22.03% and 1.37% respectively. The company mainly deal with standard and custom ball bearings, cylindrical roller bearings and tapered roller bearings.
In the passing 2005, TSB sales hit 57.64 million yuan, net profit 2.49 million yuan.
(cbcc-yinx)
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