Shanghai Yaohua to acquire half share of Tianjin NSG

The board of Shanghai Yaohua Pilkington Glass Co Ltd said it has approved a proposal to buy a 50% stake in Tianjin NSG Float Glass Co Ltd on condition that Tianjin NSG has a liability-to-asset ratio n…

The board of Shanghai Yaohua Pilkington Glass Co Ltd said it has approved a proposal to buy a 50% stake in Tianjin NSG Float Glass Co Ltd on condition that Tianjin NSG has a liability-to-asset ratio no higher than 70%. The listed company plans to pay up to USD 10 million to buy the stake from Japan“s Nippon Sheet Glass Co Ltd and Sumitomo Corp. Nippon Sheet Glass holds a 40% stake in Tianjin NSG, and Sumitomo 10%. The listed company posted a net profit of CNY 66.42 million in the 1H to June 2003, against CNY 57.91 million for the 1H 2002.