Tangshan Jidong Cement received 50 million shares in Shaanxi Qinling Cement from Shaanxi Yaoxian Cement Factory as it was a participant in the restructuring of Shaanxi Qinling Cement (Group), according to the verdict of the Shaanxi Tongchuan Intermediate People’s Court, reports Yicai.com, citing a filing by Jidong Cement.
Jidong Cement currently holds 173 million shares or a 26.13 per cent stake in Shaanxi Qinling Cement, becoming the largest shareholder of the latter.
Under the terms of the restructuring plan, Shaanxi Yaoxian Cement Factory should transfer the 70.48 million shares it holds in Shaanxi Qinling Cement to Jidong Cement.
The remaining 20.48 million shares are still frozen. It will be transferred to Jidong Cement at a later date.