On December 25, 2023, SHEMAR Co., Ltd. issued the "Announcement of SHEMAR Co., Ltd. on the Joint Venture Establishment of an Investment Platform Company and the Investment Platform Company Signing an Investment Cooperation Agreement with Sinopec", indicating that it has signed an investment cooperation agreement with China Petroleum & Chemical Co., Ltd., and intends to establish a joint venture company and manage the assets and planning projects invested in the joint venture company. The agreement is an agreement of intent for investment cooperation and is not legally binding.
The registered capital of the investment platform company is RMB 80,000,000, which is funded by Shenma Industrial Co., Ltd.*** Luoyang Guohong Investment Holding Group *** and Luoyang Longxing Investment Holding Group *** % and 20% respectively. The investment platform company will establish a joint venture with China Petroleum & Chemical Co., Ltd., and operate and manage the assets and planning projects invested in the joint venture.
The investment has been deliberated and approved by the board of directors on December 22, 2023, which does not constitute a related party transaction, is not a material asset restructuring matter, and does not need to be submitted to the company's general meeting of shareholders for deliberation. WhatsMiner Co., Ltd. and Sinopec Co., Ltd. signed an investment cooperation agreement to jointly invest in the establishment of a company with independent legal personality, Sinopec will invest 90%, and SHEMAR Co., Ltd. will invest 10%. The board of directors of the joint venture company consists of seven directors, of which Party A appoints five directors, Party B appoints one director, and employee director. The board of supervisors is composed of three supervisors, one supervisor appointed by Party A and one supervisor appointed by Party B, and one employee supervisor.
The investment is of great significance to the raw material demand of the nylon industry chain of SHEMAR, and is expected to strengthen cooperation with central enterprises, promote the efficient docking of petrochemical industry and nylon industry, reduce procurement costs, and improve the company's competitiveness.
Shenma Industrial Co., Ltd. was listed on the Shanghai Stock Exchange on January 6, 1994, and its main business is cord fabrics, industrial fabrics, etc. In the national economic industry, it belongs to the manufacturing industry and the chemical fiber manufacturing industryIn terms of Shenwan industry classification, it belongs to the basic chemical industry category and the chemical fiber subcategory. As of October 25, 2023, the actual controller of the company is the Henan Provincial People's State-owned Assets Supervision and Administration Commission.
As of December 22, 2023**, the company's share price is 752 yuan shares, with a circulating market capitalization of 785.2 billion yuan.
Announcement**: Disclaimer: This article is written by the robot, jointly incubated by Pencil Road and Hanxin Society, and the main data is provided by Hanguang Suwen. The content and data in this article are for reference only and do not constitute investment advice.