HONG KONG, Dec 8, 2023 - (ACN Newswire) - On December 6, 2023, Global New Material International Holdings Limited (the "Company", or "GNMI", Stock Code: 06616.HK) disclosed the latest progress of the Capital Increase Agreement in Chesir Luzhai.
The Board is pleased to announce that, as at the date hereof, all of the conditions precedent to the Capital Increase Agreement have been fulfilled, and the total consideration for the Capital Increase in the amount of RMB1 billion in cash has been received by Chesir Luzhai from the Investor.
According to the announcement of GNMI dated 20 November 2023 (the "Announcement"), Chesir Luzhai, an indirect non-wholly owned subsidiary of the Company, and the Investor entered into the Capital Increase Agreement, pursuant to which the Investor has conditionally agreed to inject RMB1 billion in cash into Chesir Luzhai. Upon Completion, Chesir Luzhai will remain as the core subsidiary of the Company and its financial results will continue to be consolidated in the Group's accounts.
GNMI has made significant progress towards its goals and maintained a steady momentum of business development. Simultaneously, the Company has been actively seeking international acquisition opportunities with strong foundations and advanced technology to further enhance its core competitiveness. In August 2023, GNMI successfully completed the acquisition of CQV, a famous pearlescent pigment manufacturer in Korea and a renowned brand in the global pearlescent pigment industry, which marks a milestone in the Group's international expansion plans.
The Company has also announced its intention to seize opportunities and expand its business presence in the international pearlescent pigments industry. It will continue to follow the strategy of "Endogenous Development and Outward Expansion" to accelerate the Group's various strategic plans. The completion of the Capital Increase Agreement will provide the Company with additional working capital for future developments.
About Global New Material International Holdings Limited
Global New Material International specializes in the manufacturing and sale of pearlescent pigment products and synthetic mica. Leveraging the unique materials, the Company offers an expansive range of over 1000 distinct product variations catering to diverse industrial, exterior, and cosmetic applications. The company is known as the largest pearlescent pigment producer in China and the third largest globally.
About the Investor
The Investor is wholly-owned by Tonglu Technology and Innovation Industry Development and Investment Company Limited, which in turn is wholly-owned by Tonglu County State-owned Asset Management Committee, being the ultimate beneficial owner of the Investor.
Topic: Press release summary
Sectors: Chemicals, Spec.Chem
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