XAB Waiting for His Savior with Great Eagerness
"At present, everything about the company's equity transfer is considered by the local government. We only know that there are several companies being interested in our company, and the government is not satisfied with those candidates. I think``````, well forget it!" said the depressed Mr. Liao yonggao, the General Secretary of XAB's board of directors.
Having experienced the continuous setbacks in equity transfer, the whole XAB have become indifference of such cases. In 2000, XAB had tried to sign contract with China Youth Innovative Undertaking Group(CYIUG) to sell 35.11 million state-own shares at price of 4.18yuan/per share, the contract involving value is about 150 million yuan. But this contract was cancelled, because the CYIUG was doing some businesss with no relation to bearings or manufacturing, the case maybe a more capital operation than a real cooperation.
Following was the negotiation with Wanxiang Group, which was interrupted by Greencool. After almost 1 year's negotiation, the Wanxiang Group began to become a little interested in XAB. If the XAB could provide a much lower price, Wanxiang would sign the contract. Just at that crucial period, Greencool appeared and paid an even higher price to purchase the XAB's equity. So Wanxiang Group gave up the contract which they didn't want very much. Then, the only choice for XAB was to accept Greencool's purchase, which proved later to be a great suffering to XAB.
With the implementation of equity division reform in mainland China, XAB faced an other obstacle on its way to carrying out equity transfer. If they want to sell their state-own share, they should first fulfilled the equity division reform which will be more costed. Obviously, the company can't afford to such reform, what they can do is to shift those cost to their new buyer.
Recently, XAB are expecting the appearance of their new buyer or savior with great eagerness. They have no choice but completely depend on their oncoming savior.
Related news:Story between XAB and Greencool
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