Zhejiang Longsheng (600352): Litigation Progress Of Wholly Owned Subsidiary And Holding Subsidiary
Securities code: 600352 securities abbreviation: Zhejiang Longsheng Announcement No.: 2021-031
Announcement of Zhejiang Longsheng Group Co., Ltd. on litigation progress of wholly owned subsidiary and holding subsidiary
The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and shall bear individual and joint liabilities for the authenticity, accuracy and completeness of the contents.
Important content tips:
? The litigation stage of the case: Singapore International Commercial Court makes a judgment on the equity valuation.
? The party status of the company: Shengda International Capital Co., Ltd., a subsidiary of the company, and destar Global Holdings (Singapore) Co., Ltd., the holding subsidiary, are the defendants.
? Amount involved: the plaintiff Kiri company required Shengda company to acquire 37.57% equity of destar company held by Kiri company according to the fair value determined by the third party accounting firm or evaluation agency agreed by both parties. Now, the court judges that the final valuation of this part of equity is 481.6 million US dollars as of the valuation date (July 3, 2018).
? Whether there will be a negative impact on the profit and loss of the listed company: this lawsuit is mainly a lawsuit between Kiri company and Shengda company, two shareholders of destar company. It will not have a significant impact on the normal operation of destar company, nor will it have a negative impact on the company's profit and loss.
I. Basic information of the lawsuit
On June 26, 2015, the plaintiff Kiri Industries Limited (hereinafter referred to as Kiri company) filed a lawsuit against Shengda International Capital Co., Ltd. (hereinafter referred to as "Shengda company") and destar Global Holdings (Singapore) Limited (hereinafter referred to as "derstar") in the high court of the Republic of Singapore. The main contents of the complaint are as follows:
Kiri accused Shengda company, as the major shareholder and controlling shareholder of destar company, had been oppressing Kiri company in the affairs of destar company, and / or ignored Kiri company's interests as a shareholder of destar company. In view of the above reasons, Kiri company requires Shengda company to acquire derstar company held by Kiri company according to the fair value determined by the third party accounting firm or evaluation agency agreed by both parties
37.57% equity; If the acquisition fails, Kiri will seek a court order for the liquidation of destar.
On July 3, 2018, the company received the judgment No. [2018] sghc (I) 06 of Singapore International Commercial Court, and the court ruled that Shengda company acquired 37.57% equity of destar held by Kiri company according to the fair value determined by the recognized third-party accounting firm or evaluation institution.
On August 1, 2018, the court of appeal of the Republic of Singapore formally accepted the appeal applications from Shengda and destar.
For details of the above litigation, please refer to announcement on litigation involving wholly owned subsidiaries and holding subsidiaries (No. 2016-078), announcement on litigation progress of wholly owned subsidiaries and holding subsidiaries (No. 2018-032) and announcement on litigation progress of wholly-owned subsidiaries and holding subsidiaries (No. 2018-037).
II. The judgment of this lawsuit
The company received the judgment [2021] sghc (I) 6 of Singapore International Commercial Court on June 21, 2021. The court ruled that as of the valuation date (July 3, 2018), Kiri's 37.57% equity of destar company was finally valued at $481.6 million.
III. The impact of this lawsuit judgment on the company
This judgment is only the final valuation of Kiri's 37.57% equity of destar. Shengda will appeal to the court of appeal of the Republic of Singapore. If there is any follow-up progress, the company will disclose it in time. This lawsuit is mainly about the equity acquisition between Kiri company and Shengda company, two shareholders of destar company. It will not have a significant impact on the normal operation of destar company, nor will it have a negative impact on the company's profit and loss.
4、 Documents for reference
Judgment of Singapore International Commercial Court [2021] sghc (I) 6
It is hereby announced.
Zhejiang Longsheng Group Co., Ltd
Board of directors June 22, 2001
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