| Guangxia Industry releases restructuring plan | |||
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Guangxia Yinchuan Industry (000557) released its asset restructuring plan with Ningxia Ningdong Railway Limited and its related parties, reports Shanghai Securities News, citing a company filing. The railway firm will provide 320 million yuan for the restructuring plan and inject more than four billion yuan worth of net assets into Yinchuan Industry via a rights issuance. Shenhua Ningxia Coal Industry Group has a 39.5-percent stake in Ningdong Railway while China Cinda Asset Management holds a 30.5-percent interest. The railway firm's transportation volume hit 24.69 million tons in 2010. The company aims to hit a volume of 80 million tons and revenues of 1.3 billion yuan between 2011 and 2015. During that period, fixed asset investment is expected to hit 4.4 billion yuan while total asset will hit 9.13 billion yuan. Transportation volume is projected to reach 160 million tons by 2020. Ningdong Town, Ningxia Province, has coal reserve of 27.3 billion tons, the sixth largest in China. Yinchuan Industry has a diverse equity holding structure, as the majority shareholder has a 3.64-percent interest. The railway firm's backdoor listing is pending approval of its board meeting and the China Securities Regulatory Commission. |
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