Failure of state owned assets in Qingdao Zhongshan SASAC will hold poten environment

 Failure of state owned assets in Qingdao Zhongshan SASAC will hold poten environment

More than one month later, poten Environment Group Co., Ltd. (hereinafter referred to as poten environment, 603603. SH) changed the owner.

On the evening of July 22, poten environment announced that the company signed the investment framework agreement with Zhongshan Zhonghui Investment Group Co., Ltd. (hereinafter referred to as Zhonghui group), Huijin polymerization (Ningbo) Investment Management Co., Ltd. (hereinafter referred to as Huijin polymerization) and Ningbo Zhongjin Gongxin investment management partnership (hereinafter referred to as CICC Gongxin).

According to the agreement, Zhonghui group entered poten environment.

Huijin polymerization is now the controlling shareholder of poten environment, holding 35.48% of the shares of poten environment. CICC Gongxin and Huijin are acting in concert in the corporate governance of poten environment, holding 4.05% of the shares of poten environment.

The deal is divided into two phases.

The state owned assets supervision and Administration Commission of Zhongshan Municipal Peoples Government (hereinafter referred to as Zhongshan state owned assets) holds 100% equity of Zhonghui group and is the controlling shareholder and actual controller of Zhonghui group.

In the second stage of the transaction, China foreign exchange group will participate in the non-public offering of shares of poten environment.

After the completion of the non-public offering of shares, Zhonghui group will hold 23.73% of the shares of poten environment. Zhonghui group is expected to own 28.77% of the voting rights of poten environment, and Huijin polymerization and its acting in concert are expected to have 15.69% of the voting rights.

Poten environment said that after the completion of the non-public offering of shares, Zhonghui group will remain the controlling shareholder of the company.

Poten environment said that if the transaction can be carried out, Zhonghui group and the company will focus on water environment solutions, water investment and operation and other business areas, concentrate their respective advantageous resources, carry out comprehensive and diversified strategic coordination, and enhance the companys core competitiveness and innovation ability.

Due to the influence of macro policies such as financial deleveraging, many private enterprises have difficulties in financing, and poten environment is also facing problems such as liquidity shortage and debt repayment pressure.

Poten environment said that under the situation of profound changes in the environment industry competition pattern, based on its own advantageous business and future development plan, it actively introduced state-owned capital as a strategic shareholder.

The financial report shows that last year, poten environment achieved revenue of 2.889 billion yuan, a year-on-year decrease of 33.37%; a loss of 721 million yuan, a year-on-year decrease of 489.74%, and a net profit of 185 million yuan in the same period of 2018.

According to the official website, poten environment was established in 1995, mainly in the fields of industrial water system, urban and rural water environment, providing overall water treatment solutions for consulting planning, engineering design, project investment, construction management, core equipment and other services.

A month ago, poten environment planned to sell itself to the state owned assets administration of Qingdao West Coast New Area (hereinafter referred to as Qingdao state owned assets).

On June 15, poten environment announced that Shanghai Fosun Chuangfu equity investment fund partnership, the companys third largest shareholder, intends to transfer no less than 5% of the companys equity to Qingdao West Coast new area integration Holding Group Co., Ltd. (hereinafter referred to as Qingdao financial control).

Qingdao state owned assets is the controlling shareholder of Qingdao Financial Holding Co., Ltd., which holds 100% equity of Qingdao financial holding.

According to the announcement, if the above-mentioned share transfer is completed, Huijin polymerization will entrust Qingdao financial holding with its voting right of 20% of the equity of poten environment, so that Qingdao financial holding will become the controlling shareholder of the company and Qingdao state owned assets will become the actual controller of the company.

On July 22, poten environment said that since the parties had not reached a formal agreement, they agreed to terminate the proposed change of control through friendly negotiation. At the same time, poten environment and Qingdao financial control will continue to explore in-depth industrial cooperation in the field of environmental protection based on the preliminary work.

As of the interface news release, poten environment stock price was 10.01 yuan, up 2.67%.

Source: interface news Author: Xu Ning, editor in charge: Wang Xiaowu_ NF