Jingtian & Gongcheng Advises Xiwang Food on Jinde Development’s Material Assets Restructuring
Date:2010-12-24

December 24, 2010, Hunan Jinde Development Co., Ltd. (Jinde Development) (000639.SZ) obtained the approval from China Securities Regulatory Commission (CSRC) to transfer its entire assets and debts to Xiwang Food and simultaneously offer 52,680,000 new shares to Xiwang Food as the consideration for 100% equity of Xiwang Food.

 

After the transaction, Xiwang Food would hold 52.08% equity of Jinde Development and became the controlling shareholder of Jinde Development. The core businesses of the listed Jinde Development will be changed to production and sales of corn oils from the original hotel and valve manufacture businesses.

 

Jingtian & Gongcheng acted for Xiwang Food in the transaction.

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