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On July 25, Kingfa Science and Technology announced that, after consideration and approval at the fifth (temporary) meeting of the seventh board of directors of the company, the company intends to sign the "Kingfa Science and Technology Co.
, Ltd.
and Liaoning Bora Enterprise Group" with Bora Group, Panjin Xinhai and Bora New Materials.
Co.
, Ltd.
and Panjin Xinhai Construction Engineering Co.
, Ltd.
on the transfer and subscription of capital contribution rights and capital increase agreement of Liaoning Baolai New Materials Co.
, Ltd.
, Baolai Group intends to pay the unpaid part of its subscribed registered capital of 1.
41 billion yuan (accounting for Baolai 43.
9252% of the registered capital of New Materials) was transferred to Kingfa Technology
.
Polaris New Materials was initiated and funded by the Polaris Group on January 20, 2020
.
The capital contribution and shareholding ratio of each shareholder of Bora New Materials (before the change)
The original subscribed capital contribution of Polaris Group was 2.
91 billion yuan, and the paid-in capital contribution was 1.
5 billion yuan
.
At the same time, Kingfa Technology agreed to increase capital of 470 million yuan to Bora New Materials in accordance with the terms and conditions stipulated in this agreement, and Bora Group and Panjin Xinhai waived the right of preemption for capital increase
.
The capital contribution and shareholding ratio of each shareholder of Bora New Materials (after the change)
According to the announcement, Baolai New Materials is the main body of investment and construction of 600,000 tons/year ABS and its supporting equipment projects
.
Kingfa Technology said that by holding 51% equity of Bora New Materials, it is beneficial for the company to enter the upstream raw material industry such as ABS, consolidate the company's industry position in the field of chemical raw materials and modified plastics, improve the company's profitability, and gain access to the entire industry chain.
The opportunity of technological innovation is in line with the company's strategy of "strengthening the middle, expanding the two ends, leading with technology, and developing by leaps and bounds" and the interests of all shareholders
.
Bora New Materials project under construction
In addition, the announcement stated that Baolai New Materials is building a project with an annual output of 600,000 tons of ABS and its supporting devices.
The project land has been processed for real estate property rights certificates and construction land planning licenses in accordance with the law.
, environmental impact assessment, construction project safety conditions review, energy conservation assessment review and other approval procedures
.
According to the Feasibility Study Report prepared by the Jilin Design Institute of CNPC Northeast Refining and Chemical Engineering Co.
, Ltd.
, China's ABS resin has been in short supply for a long time.
In 2019, the apparent consumption of ABS resin exceeded 6.
05 million tons, and the production capacity self-sufficiency rate was about 67%.
Imports of ABS resin from Taiwan and South Korea exceed 2 million tons per year
.
