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Shanghai Tiancheng to sell 100% stakes of Zhejiang Baorun
02
Feb '11
As per the terms of the announcement made on the Shanghai United Assets and Equity Exchange, Shanghai Tiancheng Venture Capital Co, a company held by China Resources is intending to sell 100 percent stakes of Zhejiang Baorun Wool Textile Co. Ltd for CNY 271 million.

According to the announcement, the stake holder must be a state-owned or a state run company and its overall assets must not be less than CNY 2.5 billion and net assets must in any case be CNY 1.2 billion.

Zhejiang Baorun Wool Textile Co. has a registered capital of CNY 190 million and occupies an area of 130,000 square meters in Jiaxing, located in Zhejiang Province. It is one of the four bases of wool textile industry located in China. It is also a textile as well as foreign trade base of China Resources situated in the golden triangle region of Yangtze River.

In 2010, the Zhejiang company had realized an operating income of over CNY 75.09 million, an operating profit of about CNY 19.81 million and a net profit of CNY 20.13 million.

Fibre2fashion News Desk - India

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