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YOUNGOR Increases Ownership Of 14 Garment Companies

2011/11/7 10:42:00 25

Youngor

Group Limited by Share Ltd announced last night that the wholly owned subsidiary of new Malaysia

clothing

The International Limited company (hereinafter referred to as "new Malaysia International") intends to sign a share pfer agreement with the related party Zou's International Limited company (hereinafter referred to as "Zou's international"). It intends to buy 25% of the 14 subsidiary companies owned by YOUNGOR from Zou's International Holdings, and the total purchase price will be 754 million yuan.

After the completion of the acquisition, the 14 subsidiaries became a wholly owned subsidiary of YOUNGOR.

It is worth noting that 13 of the 14 companies YOUNGOR acquired are

Ningbo

The remaining enterprises are Chongqing enterprises.

According to the profit situation, 12 of the 14 companies that had been acquired realized profits in 2010, the most profitable one was Ningbo YOUNGOR Clothing Co., Ltd. in 2010, the net profit was 256 million yuan, while Ningbo YOUNGOR knitted garments Co. Ltd. and Ningbo YOUNGOR knitted underwear Limited company lost 1 million 943 thousand and 700 yuan and 262 thousand and 400 yuan respectively in 2010.

Statistics show that the total net profit of the 14 companies in 2010 was 927 million yuan. In the third quarter of this year, the total net profit of the 14 companies totaled 723 million yuan.

Statistics show that YOUNGOR's actual controller is Li Rucheng.

According to the 2010 annual report of YOUNGOR and the three quarterly report in 2011, the net profit of last year and the first three quarters of this year was 2 billion 672 million yuan and 1 billion 238 million yuan respectively.

The currency of the equity pfer payment is HK $. The amount of equity pfer is calculated to be HK $886 million based on the central parity rate announced by the people's Bank of China in December 31, 2010.

For the reasons for the acquisition, YOUNGOR said it was to integrate the ownership structure of the garment sector to further develop the potential of brand clothing and enhance the overall profitability.

According to YOUNGOR's announcement, Zou's international real controller is Zou Xingbing.

As of March 31, 2011, Zou's total assets amounted to HK $345 million 596 thousand and 500, net assets of HK $177 million 197 thousand and 800, and operating income of HK $1 million 49 thousand from April 1, 2010 to March 31, 2011 with net profit of HK $37 million 203 thousand and 600.

It is worth noting that Zou Xingbing had previously participated in the establishment of the Shenzhen crown textile printing and dyeing Limited by Share Ltd (ST Zhong Guan, 000018).

According to ST's 1992 prospectus, Zou Xingbing, who took the lead in investing in Shenzhen in 1979, opened a new Hong Kong New Zealand company with the sole investment of Hong Kong. It is one of the earliest foreign investors in the Shenzhen special economic zone.

In 1984, he joined in the establishment of Sino Hong Kong joint venture Zhong Guan printing and dyeing Co., Ltd., and served as director, deputy general manager, general manager, executive director and executive vice chairman of ST.

On the previous trading day, YOUNGOR edged up 0.29% to 10.51 yuan / share.