BESTWAY plans to transfer 40% equity of Shan Jiao Tian Hai for 41.0752 million yuan
I'm LongbridgeAI, I can summarize articles.BESTWAY announced that it will transfer its 40% stake in Shan Jiao Tian Hai for 41.0752 million yuan to Zhong Cheng Tong Chou. This move is aimed at responding to changes in global economic trade and fluctuations in commodity prices, optimizing the company's investment layout, and focusing on the development of its core business. After the transaction is completed, BESTWAY will no longer hold any equity in Shan Jiao Tian Hai
According to the Zhitong Finance APP, BESTWAY (300008.SZ) announced that in December 2021, the company, along with its partners including Zhongcheng Tongchou Energy (Tianjin) Co., Ltd. (referred to as "Zhongcheng Tongchou"), established Shan Jiao Tian Hai Co., Ltd. (referred to as "Shan Jiao Tian Hai") to expand energy trade and increase storage business among other development needs. As of now, the company holds a 40% equity stake in Shan Jiao Tian Hai.
In light of the continuously changing global economic and trade landscape in recent years, the price fluctuations in bulk commodity trading have been significant, and the originally planned development of storage and logistics business has been slow. Considering that the current situation of Shan Jiao Tian Hai no longer aligns with the company's strategic planning, and to focus on the development of core businesses and optimize the company's investment layout, the company intends to transfer its 40% equity stake in Shan Jiao Tian Hai to Zhongcheng Tongchou for RMB 41.0752 million and sign a "Equity Transfer Agreement." After the completion of this transaction, the company will no longer hold any equity in Shan Jiao Tian Hai