ST Kaima B Holding Company plans to acquire diesel engine parts production line

ST Kaima B Holding Company Huayuan Lai Motor intends to acquire a complete set of diesel engine parts production lines and related assets and liabilities from the related party Shandong Laidong and lease the relevant assets of Shandong Laiyin to RMB 1,258.89 million.

ST Kama B announced on March 26 that the company's holding subsidiary, Shandong Huayuan Laidong Internal Combustion Engine Co., Ltd. and its affiliated companies plan to adopt an installment payment method to acquire diesel engine parts and components from related parties Shandong Laidong Internal Combustion Engine Co., Ltd. and its subsidiaries. As for the production line and related assets and liabilities, the purchase price will total RMB 12.58.89 million. At the same time, the company will lease the relevant assets of Shandong Lai.

The announcement shows that the assets to be acquired by Shandong Huayuan Laidong Internal Combustion Engine Co., Ltd. include three parts. The first part is the fixed assets, current assets and corresponding intangible assets of Shandong Lai Dong TL4110 model complete production line; the second part is Shandong Lai Dongquan. Some of the liquid assets and some of the liabilities of the subsidiary Laiyang Laidong Tongli Machinery Factory; the third part is part of the current assets and some current liabilities of the spring branch of Shandong Laidong Internal Combustion Engine Co., Ltd., of which the current assets include raw materials for use, finished products, In products and so on. After consultation with Shandong Laidong, taking into account the situation of insufficient funds from Huayuan Lai, Shandong LaiDong agreed to purchase the assets using the method of first affiliating and re-instalment payment. The two sides agreed to pay for a period of five years.

The company will use the diesel engine supporting parts production platform set up by Huayuan Laiwu to lease the land and factory buildings of the Tongli Machinery Plant and the Spring Branch Company and related production equipment. The leased land lease fee is calculated according to the land paid tax. The house building lease fee is calculated according to the depreciation of the house, property tax, business tax and surcharge. The equipment lease fee is calculated based on depreciation, business tax and surcharges. The total annual lease fee is 656,400 yuan. Year pays.

This transaction is conducive to the rapid and effective adjustment of the product structure of Huayuan Laiwu, realizing the readjustment and planning of the production layout, and relieving the inconsistency of the production site, and strengthening the centralized and efficient operation of resources.

In addition, the company plans to provide a quota of RMB 240 million to the four holding subsidiaries in the year 2008: Nanchang Kama Co., Ltd., Nanchang Kama Diesel Engine Co., Ltd., Wuxi Huayuan Kama Engine Co., Ltd. and Shanghai Kaining Import & Export Co., Ltd. Guarantees, as of December 31, 2008, the company actually provided a total of RMB 86.8 million guarantees for the four holding subsidiaries. In order to carry out normal production and operations, the four holding subsidiaries in 2009 required the company to continue to provide a total of RMB 260 million in guarantees for a period of one year.

In addition, after the China Huayuan Group’s debt crisis broke out in September 2005, the company was the original holding company of the Huayuan Group and was deeply affected by the debt crisis. In the past few years, the normal financial operating environment has not been fundamentally improved, resulting in the company’s headquarters and Some of the subsidiary’s bank debts due overdue had not been returned, and interest was owed and additional penalties imposed by the bank. This had a very negative impact on the company. As of the end of October 2008, the company’s overdue loan principal amounted to 375.85 million yuan, and the interest was less than 31.55 million yuan. In April 2008, China Hengtian Group Corporation passed the judicial auction and became the company's largest shareholder. With the support of the Hengtian Group, the company actively communicated and negotiated with the Huayuan Group Creditors (Bank) Committee and various creditor banks. Through unremitting efforts, the company has reached consensus with various creditor banks and signed the “Debt restructuring”. Memorandum of understanding.

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