Yantai, Shandong –Yantai Guofeng Investment Holding has become a shareholder in Wanhua Chemical through free-of-charge transfer of shares in its parent company Wanhua Industrial.
Wanhua shareholding structure changes, sets up procurement arm
According to Wanhua’s filing on the Shanghai Stock Exchange on December 22, its ultimate controlling shareholder Yantai State-owned Assets Supervision and Administration Commission (SASAC) transferred its 39.5% stake in Wanhua Industrial to Guofeng.
Guofeng is an asset and capital management firm which is fully owned by Yantai SASAC. The commission remains Wanhua Chemical’s ultimate controlling shareholder. Today, Wanhua Industrial holds 47.9% of Wanhua Chemical.
The adjustment is designed to help China’s initiative to ‘build a state asset supervision model that focuses on the administration of capital’, said the filing. ‘It will facilitate the functional transition of the state asset supervision organisation and further improve its mechanism.’
In the same week, Wanhua Chemical also announced its plan to set up a fully-owned subsidiary in charge of the group’s procurement, to ‘give full play to the group’s strength in centralisation, lower purchasing costs, raise inventory utilisation and effectively keep away procurement risks’, according to the announcement.
The subsidiary will be based in Yantai, with CNY 60m ($9m) registered capital.
Currency Conversion: Xe.com
