Xinye Textile Joint Venture 30 Million Subsidiary Company
Recently,
Xinye textile
(002087) the board passed the motion on establishing a joint venture with China Cotton Group Co., Ltd.
Under the agreement, the two sides intend to set up a joint venture in Zhengzhou, Henan, with a registered capital of 30 million yuan.
China Cotton Group Co., Ltd. invested 15 million 300 thousand yuan, accounting for 51% of the shareholding ratio. Xinye textile invested 14 million 700 thousand yuan in its own capital, accounting for 49% of the equity ratio.
The scope of operation of the joint venture is: cotton processing, warehousing, pportation, etc.
Sales distribution
。
Xinye textile said that the establishment of the joint venture would help to widen the company's
Raw material
Supply channels, improve the company's raw material supply and storage capacity, in line with the company's rapid development needs.
Supplement:
The fourth provisional shareholders' meeting of Xinye textile in 2010 was held in November 1, 2010. It deliberated and passed the motion on the location and mode of operation of the project to change the company's Xinjiang Akesu lint processing base and the pure cotton combed yarn production line project.
Xinjiang production and Construction Corps first division teacher, alar mayor Zou Yuebin and Henan Xinye textile Limited by Share Ltd chairman Wei Xuezhu signed a project cooperation contract recently, in the alar industrial park construction of 200 thousand spindles textile mill.
The Henan Xinye textile Limited by Share Ltd plans to jointly set up a joint venture with the Xinjiang production and Construction Corps first agricultural division seven and alar farm to set up a joint venture company. The company will produce 200 thousand spindles of pure cotton combed yarn production line in 2 years.
Alar city as the largest export base for long staple cotton and an important fine cotton producing area, long staple cotton products account for more than 65% of the total export volume of the country.
In order to protect the company's future cotton supply, Henan Xinye textile Limited by Share Ltd changed the implementation site of Xinjiang Akesu lint processing base and pure cotton combed yarn production line from Akesu Kuche county to alar city, and changed the way of operation from the original sole proprietorship to a joint venture.
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