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Publish Date : 09-Oct-2012

China Oriental Group Company Limited said on Monday that its 97.6 per cent owned subsidiary, Jinxi Limited, is acquiring 734.3 million yuan (S$142.68 million) worth of assets from Jinxi Wan Tong an independent third party.

The assets to be acquired by the Chinese steel product manufacturer include a steel-making plant, a steel-rolling plant, oxygen generation plant, 35,000 volts transformer station and other auxiliary machineries and equipment.

The appraised net asset value of the assets was 734.3 million yuan as at June 30, 2012, while the net book value was 589.1 million yuan.

Jinxi Limited is leasing these assets from Jinxi Wan Tong for a monthly rent of 25 million yuan. The group believes that the acquisition will reduce the production costs of the group.

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