Joint casting special steel new cast pipe hand three Chau special tube

Securities Times reporter Lee January 19, the emerging casting pipe (000778) and Sichuan Three continents Special Steel Pipe Co., Ltd. signed the "on the restructuring of the three continents Precision Steel Pipe Co., Ltd. and xinxing Casting Pipe Co., Ltd. Special management of the assets of the framework agreement on the three continents special management of" three continents precision Pipe "　　Assets and new cast pipe under the construction of composite steel pipe project related to the reorganization of the special management assets. It is reported that the three-Chau precision Pipe is planning a new 6500 tons of hot extrusion and supporting cold-rolled cold drawn production line, the product outline of the production line is consistent with the product outline of the extrusion and rolling cold drawing production line of the new cast pipe in the MA Tau Industrial area, at the same time, the company needs to outsource the tube billet, and the newly emerging cast pipe extrusion pipe product starts late, the technology is relatively weak,　　Lack of large caliber tube and nuclear power tube qualification. In order to reduce the competition in the future, the emerging casting pipe after the three continents and special management consultation, intends to fully cooperate through asset restructuring, common development of high-grade special steel pipe and precision steel pipe, including bimetal composite pipe, all kinds of stainless steel pipe, high alloy pipe and U-tube and so on.　　Thus can expand product range and specification, reduce input, realize the sharing of resources and technology and product complementation. The bulletin shows that the three-Chau precision Pipe as a project company, from the establishment has not yet been production and operation. As at September 30, 2010, the total assets of the three continents are 73.1227 million yuan, with a total liability of 1.1227 million yuan and net assets of 72 million yuan, and the ratio of asset to debt is 1.54%. and new casting pipe under construction of "composite pipe project related to the special management assets" of 6500 tons of hot extrusion workshop and Cold drawing workshop and other projects are also under construction.　　As of December 31, 2010, the total expenditure was $488 million. According to the reorganization agreement, by the emerging casting pipe, the three Chau special pipe to the three Chau precision pipe to increase capital, after the increase in capital, emerging casting pipe shareholding 60%, three continents Special management shareholding 40%. At the same time, the emerging casting pipe will also be with the three-Chau precision tube in Hebei new Hebei xinxing Special Pipe Co., Ltd., registered capital of 600 million yuan, of which the emerging casting pipe will hold a new special tube of 70% of the equity, three-chau precision tube holding the emerging special tube 30% of the equity.　　Three-chau precision tube with money capital, emerging casting pipe to the agreement to the relevant special management assets. At the same time, the emerging casting pipe and CITIC Trust Limited liability company signed the "Investment Agreement" jointly funded the formation of new Resources Limited.　　According to the agreement, CITIC Trust has invested 60 million yuan in the new resources, accounting for 60% of the registered capital of the new resources, and 40 million yuan for new resources, and 40% of the registered capital of the new resources. Emerging casting pipe, the new resources will enable the company to make full use of its own and Citic Trust existing resources, the use of market operation mode, through the domestic related mineral resources investment, to achieve the development of mineral resources, so that investors get a satisfactory return on investment, improve the company's operating performance, in line with the interests of all shareholders.