English | 简体中文 | 繁體中文 | 한국어 | 日本語
Wednesday, 18 January 2012, 14:45 HKT/SGT

Source: Chiho-Tiande Group Limited
World's Largest Listed Metal Recycler Makes a Strategic Investment in Chiho-Tiande

HONG KONG, Jan 18, 2012 - (ACN Newswire) - CHIHO-TIANDE Group Limited ('Chiho-Tiande' or the 'Company', together with its subsidiaries, 'the Group', HKSE:976) announced that the Company's Chairman Mr. Fang Ankong, through HWH, together with Delco have executed the Share Sale and Purchase Agreement, to sell an aggregate of 166,696,754 Shares, representing approximately 16% of the existing issued share capital of the Company to Sims Metal Management Dragon Holdings Limited (Sims), a Hong Kong subsidiary of Sims Metal Management Limited (SMM), at the total consideration of HK$750,135,393 (representing HK$4.50 per Sale Share). Delco has irrevocably granted Sims the Option to purchase 20,837,095 Shares, representing a further 2% of the existing issued share capital of the Company, at HK$6.00 per Option Share on the terms and subject to the conditions set out in the Share Sale and Purchase Agreement.

In addition, in order to support the continuing growth of the Group and subject to the approval of the Independent Shareholders, the Company entered into the Subscription Agreement with HWH, Delco and Sims pursuant to which the Company will issue to Delco, HWH and Sims three-year 4% coupon Convertible Bonds in the aggregate principal amount of HK$815,800,000 with the detachable Warrants in registered form to subscribe for an aggregate of 12,638,441 Shares at the initial exercise price of HK$6.00 per Share for an aggregate principal amount of HK$75,830,646. Assuming full exercise of the Option and full conversion of the Convertible Bonds and the Warrants, Sims is expected to hold not more than approximately 20% of the fully diluted issued share capital of the Company. Daiwa Capital Market is the Company's sole financial adviser for the transaction.

SMM is the world's largest listed metal recycler with ordinary shares listed on the Australian Securities Exchange (ASX: SGM) and American Depositary Receipts listed on the New York Stock Exchange (NYSE: SMS). The core business of SMM, its subsidiaries and its affiliated companies are metals and electronics recycling. During the Fiscal 2011, SMM generated approximately 85 percent of its revenue from operations in North America, the United Kingdom, Continental Europe, New Zealand and Asia.

The Board firmly believes that in view of SMM's global reach and customer network, advanced technologies and solutions in the metals and electronics recycling industry together with its strong global resources with approximately 260 facilities worldwide, the proposed strategic collaboration with SMM will significantly add value and expertise which complements that of the Group, and will considerately enhance the Group's current position for future expansion. The Group further believes that having SMM as a significant minority shareholder of the Group is a strong recognition of the Group's competitiveness and achievements and will significantly enhance the overall reputation and strategic growth of the Group within the metal recycling industry.

About Chiho-Tiande Group Limited

Chiho-Tiande Group Limited is a global leading mixed metal scrap recycler, specializing in recycling, disassembling and processing of mixed metal scrap and reuse of resources. Its three major business areas are metal recycling, foundry production and wholesale. The Group is the largest mixed metal scrap recycler in China in terms of the total import volume and the actual import volume of mixed metal scrap approved by the Ministry of Environmental Protection, and also the largest importer of mixed metal scrap for importing, recycling, reusing and processing. USUM Investment Group Hong Kong Limited, indirectly owned by Mr. Tu Jianhua, is the single largest shareholder of Chiho-Tiande.

For more information, please visit http://www.chiho-tiande.com/

Wonderful Sky Financial Group Limited
Katy Chan / Yolanda Wang / Melody Wang / Sharon Lau
Tel: +852 2851 1038
Fax: +852 2815 1352
Email: [email protected] / [email protected] / [email protected] / [email protected]

Source: Chiho-Tiande Group Limited

Topic: Investment
Sectors: Daily Finance
From the Asia Corporate News Network

Copyright © 2018 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.


Chiho-Tiande Group Limited Releated News
May 18, 2017 22:31 HKT/SGT
May 18, 2017 22:30 HKT/SGT
May 18, 2017 22:28 HKT/SGT
Chiho-Tiande Announces Business Updates
Aug 30, 2016 18:16 HKT/SGT
齐合天地公布建议收购Scholz Holding GmbH的全部股本
Aug 30, 2016 18:15 HKT/SGT
齊合天地公佈建議收購Scholz Holding GmbH的全部股本
More news >>
Copyright © 2018 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Privacy Policy | Terms of Use | RSS
US: +1 800 291 0906 | Beijing: +86 10 8405 3688 | Hong Kong: +852 2217 2912 | Singapore: +65 6304 8926 | Tokyo: +81 3 6721 7212

Connect With us: