Shanghai Yaohua Pilkington Glass Co. said one of its major shareholders had transferred a 16.7% stake in the listed to another firm free of charge.
China Building Materials Technology Equipment Co. t…
Shanghai Yaohua Pilkington Glass Co. said one of its major shareholders had transferred a 16.7% stake in the listed to another firm free of charge. China Building Materials Technology Equipment Co. transferred 81.40 million institutional shares it owned in Yaohua Pilkington to China Inorganic Materials Technology Industry Co, Yaohua said in a statement published in the Shanghai Securities News. China Inorganic Materials became one of Yaohua“s biggest shareholders after the transfer, the statement said. Both companies in the asset transfer are state-owned and the move was aimed at paving the way for Yaohua Pilkington to restructure its assets, it said. The statement gave no further details and company officials declined to elaborate on Yaohua“s possible asset restructuring. Yaohua Pilkington, a Sino-British joint venture that produces glass products, has both hard currency B shares and domestic A shares listed on the Shanghai stock exchange. Britain“s Pilkington PLC has an 8.35% stake in the Shanghai-listed company. Shanghai Yaohua has seen its results deteriorate sharply in the past few years due to fierce competition in China“s glass market. It recorded net profits of 16.91 million yuan (US$ 2.04 million) last year, down sharply against 38.63 million yuan in 1997.