Seiko Steel structure 40 million acquisition of Seiko Heavy Metal

Seiko Steel Structure (600496.　　SH) said today that it would buy 100% stake in the subject matter of the existing equity assets and the equity assets of the Company (hereinafter referred to as "Jia Bao Holdings") with Zhejiang Jinggong heavy Steel Structure Co., Ltd. (hereinafter called "Seiko Chongqing Iron").　　Among them, Seiko heavy steel Equity asset transfer price based on its audited November 30, 2010 net assets of 4618182.39 Yuan, to the registered capital of 5 million yuan. and Jia Bao holding future land to increase capital formation of equity assets, its actual value is reflected as land use right, with the land use right as of November 30, 2010, based on the assessment price, the final determination of the company to increase the proportion of the transfer price of some equity is not more than 37 million yuan.　　In this way, the equity transfer price is no more than 42 million yuan. Jia Bao Holdings for Seiko Steel structure controlling shareholder control enterprises. According to Seiko Steel structure, originally because of Shaoxing production base factory has reached the capacity limit, the company intends to invest in Shaoxing economic development Zone, the new production base of heavy steel. And Jia Bao holding just have the right space, and prices below market price, so decided to choose the site.　　And for the tax and duration of the project, in Jia Bao Holdings will be the land use right to increase the stakes, the company intends to entrust the first Jia Bao Holdings building-new set of Zhejiang Seiko Heavy Steel, to be purchased after the completion of the land replenishment. Due to the process of land replenishment is still time, and Seiko heavy steel after the initial preparation of the urgent need for capital investment, so the company management after the discussion decided to buy Seiko holdings of the existing 100% equity assets and the future land use rights to increase the capital of 100% equity assets formed.