Xinjiang Tianye Water Saving Irrigation System Co. Ltd. Completes Restructuring of Controlling Shareholder
Reuters
Aug 29
<a href="https://laohu8.com/S/600075">Xinjiang Tianye</a> Water Saving Irrigation System Co. Ltd. Completes Restructuring of Controlling Shareholder
Xinjiang Tianye Water Saving Irrigation System Company Limited has announced the completion of the restructuring of its controlling shareholder. As part of the restructuring, the 8th Division SASAC and Tianye Group entered into an equity transfer agreement, an entrusted voting right agreement, and an entrusted nomination right for directors agreement. The conditions precedent to these agreements have been fulfilled. The 8th Division SASAC transferred 38.40% of the total share capital of the New Holdco to Tianye Group. Consequently, the New Holdco will now become a subsidiary of Tianye Group, and the financial statements of the New Holdco will be consolidated into those of Tianye Group. Meanwhile, the 8th Division SASAC remains the ultimate beneficial controller of Tianye Group, with the direct controlling shareholder of the company changing from Tianye Group to the New Holdco.
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