International industrial Open as "selling oil lang"

International Industrial (000519.　　SZ) announced today that the company had received the approval of the Securities and Futures Commission on October 29, 2010 for approving the major assets reorganization program of Xinjiang International Industrial Co. Ltd. According to the report on the sale, purchase and related transactions of major assets, officially released today by international industry, the reorganization is divided into two parts: first, the implementation of the new casting Pipe Group Co., Ltd. (hereinafter referred to as "casting pipe Group"), Xinxing Casting Pipe Co., Ltd. (hereinafter referred to as "emerging casting pipe") and xinxing pipe (Xinjiang) Resource Development Co., Ltd. (hereinafter "　　"") jointly signed the "Reorganization Agreement", the second is the re-election of the subsidiary of the Oil and chemical board of Directors and obtain the actual control, the oil and chemical industry into the scope of the merger of the company.　　In the reorganization agreement, international industry, casting Pipe Group, emerging casting pipe and pipe resources to agree to the investment in the evaluation of casting pipe resources based on the implementation of capital increase, in which casting pipe group, emerging casting pipe to increase capital of money, international industry to hold the coking company 13.7% Equity increase. Prior to the increase in capital, the international industrial and Casting Pipe Group held 20% and 80% per cent of the casting resources. After the increase, the registered capital of the casting pipe resources is 800 million yuan, among them, the casting pipe shares holding 40%, casting pipe Group Holding 30%, International Industrial Holdings 30%. At the same time, by the casting of resources to let international industry owned coking company remaining 86.3% of the shares.　　According to the supplementary agreement, the coking company 100% of the stock price of 1.46 billion yuan. Char is the main source of profit, coal-char company after the transfer of equity, international industry's main business profit will be reduced, but investment income will increase.　　The casting pipe resource obtains the coal Char company all equity, will invest constructs 2 phase 700,000 ton coking project, the total Coke production capacity achieves 1.4 million tons, the company holds the 30% shareholding, is equal to occupy 420,000 ton Coke production, this with the coking company 2009 annual production plan 400,000 ~45 million tons basically is consistent. and to obtain the actual control of the oil and chemical industry, international industry will take advantage of the oil and chemical operation system, rapid access to the major development industry in Xinjiang "one black and one white" in the oil and gas industry. Its main business will be converted to refined oil wholesale, retail, transportation, as well as warehousing, real estate business and import and export trade business, including oil products wholesale, retail, transportation and warehousing business is expected to 2010 operating income of 746.29 million yuan.