29 July 1999: China“s Luoyang Glass Co. said it had agreed to buy 40% of a finance firm controlled by Luoyang“s corporate parent at a cost of 40 million yuan (US$ 4.83 million).
Luoyang Glass, whic…
29 July 1999: China“s Luoyang Glass Co. said it had agreed to buy 40% of a finance firm controlled by Luoyang“s corporate parent at a cost of 40 million yuan (US$ 4.83 million). Luoyang Glass, which is also listed in Hong Kong, would make a cash payment for its stake in Luoyang Float Sheet Glass Group Finance Co. Ltd., according to a statement from the listed company published in the Shanghai Securities News. The finance company, with a registered capital of 100 million yuan, is currently 90% owned by Luoyang“s parent company, China Luoyang Float Glass Group Co, making the deal a connected transaction, the statement said. Luoyang, which has A shares for domestic investors traded on the Shanghai market, believed the purchase would help it expand income and allow the financial firm to serve the listed company better, according to the statement. Luoyang also said that it was considering the sale of its 55% stake in a Sino-foreign joint venture, Qingdao Sun Glass Industry Co., to its corporate parent. It said that the transaction was in the preliminary stages of negotiation.