S*ST Three agricultural reorganization plan will change body real estate Company

-Our correspondent Hu Ying S*st yesterday evening issued the "issue shares purchase assets and related transaction report", according to the reorganization of the draft, S*ST to Fujian Tai Wo Investment Co., Ltd. (hereinafter referred to as "Tai Wo Investment") issue shares to buy by Tai Wo Investment Holdings Fuzhou Tai Wo Real Estate Development Co., Ltd. (hereinafter referred to as "　　Fuzhou Tai wo ") 100% of the equity.　　After the reorganization is completed, S*ST will become a real estate company. Huang Qisen injected real estate assets will soon s*st three farmers new owners Tai Wo Investment in actual control is Huang Qisen, its in the lake and the "capital player" title.　　The Huang Qisen will be the way to restructure s*st farmers are also attracted market attention. May 11, 2007, for 2004, 2005, 2006 for three consecutive years of losses, according to the Shenzhen Stock Exchange stock Listing rules, s*st Three agricultural shares suspended listing transactions.　　April 28, 2008, the company disclosed the 2007 annual report (2007, the company achieved net profit of 2,436, 970,000 Yuan), and on May 7, 2008 to the Shenzhen Stock Exchange to resume listing applications. According to Tai Wo Investment, Sanming Sasac and Fujian Three farmers signed the relevant debt agreement, Tai Wo Investment and Sanming funds jointly financed cash 48,131.70,000 yuan (including Tai Wo Investment 400 million yuan, Sanming SASAC contribution 8,131.70,000 Yuan), On behalf of the original holding shareholder and its related party to pay off the three agricultural and rural funds, the above amount is paid two times, the first time Tai wo investment has been paid to Fujian three farmers before April 17, 2008, 120 million yuan; the remaining 36,131.70,000 Yuan,　　In Fujian, three rural share-splitting reform scheme is formally implemented before the implementation of a cash payment to the three rural Fujian, of which Tai Wo investment will pay 280 million yuan, Sanming Sasac will pay 8,131.70,000 Yuan. According to the announcement last night, the three farmers in Fujian province are to carry out major asset reorganization by issuing shares to purchase assets, the specific plan is: Fujian three farmers to invest in Tai wo not more than 78,411, 950,000 shares to buy its holdings of Fuzhou Tai Wo 100% of the stake.　　The price of this transaction is 2.42 billion yuan. According to public information, Fuzhou Tai Wo was founded in July 2003, the establishment of the registered capital of 17 million yuan, has passed 6 times, the current registered capital of 350 million yuan,　　Fuzhou Tai wo each successive increase in capital through the Huang Qisen of the participating companies or direct control as well as through the use of indirect control of the company or in cash replenishment form.　　Fuzhou Tai Wo's main business for residential real estate development, after the completion of the transaction, s*st three agricultural main business will be changed to pesticide production, sales and real estate development and management. S*st can the three farmers be able to nirvana?　　Rebirth？ S*st three farmers since April 18, 2007 suspension, investors have been looking forward to the issue of the targeted shares issued at a price of 3.09 yuan, after the reorganization, S*st or will become a real estate company. Since Xi ' an flying group in December 2000 s*st Three farmers, the company has long been a large shareholder in XI ' an flying branch industry and trade Group Limited Liability company (hereinafter referred to as "Xi ' an Flying") and the actual control of the operation of Chuchongpao, during this period, large shareholders in addition to the huge amount of money occupied by the company, but also for its affiliated enterprises to provide　　The three agricultural production and operation Capital shortage, unable to repay the maturity of the bank debt, litigation, the enterprise is on the verge of bankruptcy.　　As the company's original holding shareholder occupied the company's huge capital, the company's financial situation deteriorated, resulting in 2005, the company suffered huge losses, loss of 110,495 700,000 yuan. April 8, 2008, Fujian Agriculture announced that the first to second shareholder Shanghai Golden Granville Digital Information Technology Co., Ltd. and Shenzhen Billiton Industrial Co., Ltd., will hold 11.87% of the 23.5664 million shares of corporate shares, accounting for 10.59%　　21,023,840 shares, the transfer of the agreement to the real estate industry, Fujian Tai Wo Group's newly established subsidiary of Tai Wo Investment, making it a potential largest shareholder. Huang Qisen s*st Three farmers, the company's original holding shareholders and their affiliated enterprises to repay the occupied company funds of 120 million yuan, and carried out a series of debt reconciliation, according to the audited Fujian Agricultural and rural 2008 consolidated financial statements, as of December 31, 2008, the total assets of the company 44,　　5.2886 million yuan, the total liabilities of 82,066 130,000 yuan, after deducting the non-recurrent profit and loss of the company's ordinary shareholders of the net profit of 9,547.140,000 Yuan. In 2009, S*st was further relieved of the foreign guarantee, but as the price of glyphosate continued to fall, the net profit after the Non-recurrent gains was negative. According to the audited Fujian Agriculture 2009 1-April Consolidated financial statements, as of April 30, 2009, the total assets of the company amounted to 42,484, 740,000 yuan, the total liabilities of 75,936 770,000 Yuan, after deducting the non-recurrent profit and loss attributable to ordinary shareholders net profit is-29.2756 million yuan.