Shanghai Yaohua Pilkington Glass Co Ltd said its shareholders approved four related-party deals approved by the board of directors in April 2004.
Shareholders authorized the sale of a 30% stake in su…
Shanghai Yaohua Pilkington Glass Co Ltd said its shareholders approved four related-party deals approved by the board of directors in April 2004. Shareholders authorized the sale of a 30% stake in subsidiary Guilin Pilkington Safety Glass Co Ltd for CNY 33.17 million to Pilkington (Asia) Ltd, which holds a 60% stake in Guilin Pilkington. Pilkington (Asia), a wholly-owned subsidiary of Pilkington PLC, is the largest shareholder of Shanghai Yaohua Pilkington with a 19% holding. Shanghai Yaohua Pilkington shareholders also gave the go-ahead to a proposal to sell a 21.986% stake in subsidiary Changchun Pilkington Safety Glass Co Ltd for CNY 30.24 million to Pilkington (Asia), which has a 51% stake in Changchun Pilkington. In addition, Shanghai Yaohua Pilkington will sell a 10% stake in its subsidiary Wuhan Yaohua Pilkington Safety Glass Co Ltd to Pilkington (Asia) for CNY 17.97 million . After the deal, Pilkington (Asia) will hold a 55% stake in Wuhan Yaohua Pilkington. Shanghai Yaohua Pilkington“s shareholders also agreed to buy a 10% stake held by Pilkington (Netherlands) Ltd in Shanghai Yaopi Auto Glass Co Ltd for CNY 10.21 million.