Zhongcai
e company news, Jingxing Paper (002067) announced on the evening of January 11, the company plans to acquire Malaysia GREENEVATIONINDUSTRIES (M) SDN.BHD. Company, as a wholly-owned subsidiary of the company in Malaysia, responsible for the construction of the company's overseas pulp Paper project. The project is planned to be implemented in two phases, with the main goal of building 800,000 tons of recycled pulp and 600,000 tons of base paper in Selangor, Malaysia. The company will complete the project feasibility analysis as soon as possible.
Zhejiang Jingxing Paper Co., Ltd.
Announcement on overseas investment plans
The company and all members of the board of directors guarantee that the content of the information disclosure is true, accurate and complete, and there are no false records, misleading statements or major omissions.
Zhejiang Jingxing Paper Co., Ltd. (hereinafter referred to as “the Company†and “Companyâ€), the 15th meeting of the 6th Board of Directors reviewed and approved the “Proposal on Overseas Investment Plan†and agreed to acquire the Malaysian company GREENOVATIONINDUSTRIES(M)SDN.BHD All the shares were added and capitalized, and the company agreed to build a production base based on recycled pulp in Selangor, Malaysia, with GREENOVATIONINDUSTRIES(M)SDN.BHD. The relevant matters are hereby announced as follows:
I. Overview of this overseas investment plan
The company intends to acquire Malaysia's GREENVATIONINDUSTRIES(M)SDN.BHD., which is a wholly-owned subsidiary of the company in Malaysia and is fully responsible for the construction of the company's overseas pulp and paper project. The project is planned to be implemented in two phases to build in Selangor, Malaysia. The production capacity of 800,000 tons of recycled pulp and 600,000 tons of base paper is the main target.
The company will complete the project feasibility analysis as soon as possible and submit it to the board of directors and shareholders meeting for approval.
The formal implementation of this overseas investment project shall be subject to the approval of the relevant authorities of the Chinese government and the environmental assessment of the government of Malaysia.
Second, the purpose of implementing overseas investment
1. Solve the dilemma of the company's import raw materials procurement
Since 2017, China's waste paper import related policies have been launched one after another, and the control of waste paper imports has become stricter. In December 2017, the Ministry of Environmental Protection issued the “Regulations on Environmental Protection Management of Imported Waste Paper†and the “Regulations on Environmental Protection of Imported Solid Wastes for Use as Raw Materialsâ€, which impose stricter restrictions on the import of waste paper, and the future import quota will remain Gradually shrinking, forming a certain pressure on the company's production and operation. Therefore, the recycled pulp produced by the project after the completion of the project will be exported to China, mainly used to meet the company's own production needs, and at the same time can be partially sold.
2. Responding to the national call for breakthrough scale expansion bottleneck
The company is located in the center of Jiangsu, Zhejiang and Shanghai. The supply of industrial land in this area is tight. The government has high requirements for various environmental protection and energy conservation and consumption reduction measures, and it has objectively limited the possibility of the company's future expansion in the region. The company intends to respond to the national “One Belt, One Road†policy call, and plans to implement the construction of raw paper production capacity after the Malaysian raw material production line is put into use, in order to break through the bottleneck of the company's scale expansion and realize the company's own development and expansion and the product market to expand overseas.
III. Initial steps and approvals for overseas projects to be invested
1. Establishing a wholly foreign-owned company
The company and the natural person TENGKIMCHUAN (SingaporePassportNo.E6760415D) and MAZLANBINHARUN (NRICNO: 480310-10-5461) signed an equity transfer agreement, respectively, with a value of 1 Malaysian ringgit for the two persons held separately GREENOVATIONINDUSTRIES (M)SDN. Ordinary shares of BHD.
GREENOVATIONINDUSTRIES(M)SDN.BHD. is a company legally established and existing under the laws of Malaysia. The registered capital is 2 Malaysian ringgit, TENGKIMCHUAN and MAZLANBINHARUN have no relationship with the company. After the acquisition, GREENOVATIONINDUSTRIES(M)SDN.BHD. It is a wholly-owned subsidiary of the company in Malaysia.
2. The project has been approved by the Malaysian government for production licenses.
According to Malaysian law, all industrial projects are required to submit a pre-approval application to the Malaysian Investment Development Authority (“MIDAâ€). GREENOVATIONINDUSTRIES(M)SDN.BHD. has applied to MIDA for a production license for industrial manufacturing companies. MIDA has also confirmed that the company is the project implementer and fully understands the proposed investment project. GREENOVATIONINDUSTRIES(M)SDN.BHD. has obtained the approval of the production license of the Ministry of Industry and Trade of Malaysia.
In accordance with Malaysia's requirements for industrial enterprises, the company must increase the capital of GREENVATIONINDUSTRIES (M) SDN.BHD.
3. Project demonstration stage
The company must fully understand the feasibility of the project after fully understanding the overall investment environment in Malaysia, form a feasibility analysis report as soon as possible, and submit it to the board of directors and shareholders meeting for approval.
4. Government approval
The equity acquisition, capital increase and production base involved in this overseas investment need to be approved and filed by the corresponding development and reform commission, the commercial department and the foreign exchange administration.
Regarding the construction of the Malaysian production base, it still needs to be approved by relevant Malaysian authorities in accordance with relevant Malaysian laws and regulations.
Therefore, the implementation of the project has the risk of not being approved by relevant departments at home and abroad.
Fourth, the documents for reference
1. Equity transfer agreement
2, GREENOVATIONINDUSTRIES (M) SDN.BHD.
3. Approval of the production license by the Ministry of Industry and Trade of Malaysia
The company will perform the necessary decision-making procedures and make continuous disclosures based on the progress of the project.
Special announcement.
Board of Directors of Zhejiang Jingxing Paper Co., Ltd.
January 12, 2009
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