English | 简体中文 | 繁體中文 | 한국어 | 日本語
Friday, 8 December 2023, 14:30 HKT/SGT
Share:
GNMI: Update on Discloseable Transaction Deemed Disposal of Equity Interest in Chesir Luzhai

HONG KONG, Dec 8, 2023 - (ACN Newswire) - On December 6, 2023, Global New Material International Holdings Limited (the "Company", or "GNMI", Stock Code: 06616.HK) disclosed the latest progress of the Capital Increase Agreement in Chesir Luzhai.

The Board is pleased to announce that, as at the date hereof, all of the conditions precedent to the Capital Increase Agreement have been fulfilled, and the total consideration for the Capital Increase in the amount of RMB1 billion in cash has been received by Chesir Luzhai from the Investor.

According to the announcement of GNMI dated 20 November 2023 (the "Announcement"), Chesir Luzhai, an indirect non-wholly owned subsidiary of the Company, and the Investor entered into the Capital Increase Agreement, pursuant to which the Investor has conditionally agreed to inject RMB1 billion in cash into Chesir Luzhai. Upon Completion, Chesir Luzhai will remain as the core subsidiary of the Company and its financial results will continue to be consolidated in the Group's accounts.

GNMI has made significant progress towards its goals and maintained a steady momentum of business development. Simultaneously, the Company has been actively seeking international acquisition opportunities with strong foundations and advanced technology to further enhance its core competitiveness. In August 2023, GNMI successfully completed the acquisition of CQV, a famous pearlescent pigment manufacturer in Korea and a renowned brand in the global pearlescent pigment industry, which marks a milestone in the Group's international expansion plans.

The Company has also announced its intention to seize opportunities and expand its business presence in the international pearlescent pigments industry. It will continue to follow the strategy of "Endogenous Development and Outward Expansion" to accelerate the Group's various strategic plans. The completion of the Capital Increase Agreement will provide the Company with additional working capital for future developments.

About Global New Material International Holdings Limited

Global New Material International specializes in the manufacturing and sale of pearlescent pigment products and synthetic mica. Leveraging the unique materials, the Company offers an expansive range of over 1000 distinct product variations catering to diverse industrial, exterior, and cosmetic applications. The company is known as the largest pearlescent pigment producer in China and the third largest globally.

About the Investor

The Investor is wholly-owned by Tonglu Technology and Innovation Industry Development and Investment Company Limited, which in turn is wholly-owned by Tonglu County State-owned Asset Management Committee, being the ultimate beneficial owner of the Investor.



Topic: Press release summary Sectors: Chemicals, Spec.Chem
https://www.acnnewswire.com
From the Asia Corporate News Network


Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

 

Latest Press Releases
CITIC Telecom CPC's 'AI+ Coud Network Security' Innovation Continues to Attain Recognition for Unmatched Capabilities  
July 13, 2024 00:05 HKT/SGT
MooFest 2024 by Moomoo Singapore and AlphaInvest Receives Massive Turnout  
July 12, 2024 19:30 HKT/SGT
TOYOTA GAZOO Racing faces a new challenge with full strength  
Friday, July 12, 2024 6:15:00 PM
MHI Selected for Inclusion in Two ESG Investment Indices: FTSE Blossom Japan Index and FTSE Blossom Japan Sector Relative Index  
Friday, July 12, 2024 3:13:00 PM
TGR Announces Upgraded GR86 and Limited Special-edition Model  
Friday, July 12, 2024 1:48:00 PM
Asia-Pacific youth and Habitat for Humanity join hands to implement solutions for decent housing  
July 12, 2024 13:06 HKT/SGT
"LEQEMBI" (Lecanemab) Approved for the Treatment of Alzheimer's Disease in Israel  
Friday, July 12, 2024 11:56:00 AM
KSL Capital Partners & Soneva Resorts: A Cautionary Tale of Due Diligence  
July 12, 2024 08:34 HKT/SGT
Q2 Metals Updates Private Placement  
July 12, 2024 08:00 HKT/SGT
Fonos Sees Monthly Active Users Increase to 6X with CleverTap's Personalized Engagement  
July 11, 2024 15:00 HKT/SGT
More Press release >>
 Events:
More events >>
Copyright © 2024 ACN Newswire - Asia Corporate News Network
Home | About us | Services | Partners | Events | Login | Contact us | Cookies Policy | Privacy Policy | Disclaimer | Terms of Use | RSS
US: +1 214 890 4418 | China: +86 181 2376 3721 | Hong Kong: +852 8192 4922 | Singapore: +65 6549 7068 | Tokyo: +81 3 6859 8575