West Water shares proposed 350 million investment in Cheonan insurance

West Water shares announced today, proposed to 1 yuan/share of the price to participate in the increase in security insurance, the subscription price does not exceed 350 million yuan.　　If the latter goes public, the West Water stake will reap a hefty return. Data show that the existing total equity 2.172 billion shares, the total shareholder 19, Jiangxi International Trust, Jiangxi Jiang Xin International building respectively holding 434.45 million shares, to 20% of the shareholding ratio tie major shareholders, the company's actual control of the Jiangxin International Group. In addition, Citic Group, Shanghai Lujiazui Group, the Hundred Union group, Wanguo, love building trust and other companies have a place. As of March 31 this year, the days of security insurance unaudited business income of 2.1 billion yuan, net profit of 170 million yuan.　　But as at the end of 2009, the company lost 397 million yuan. Tian An insurance of the new issue of 2.1723 billion shares, the subscription price of 1.00 yuan/share, after the increase in shares, days of insurance total equity will increase to 4.3446 billion shares. According to public reports, Tian ' an insurance has been in the market in 2002, and has set up within 2007 years, "Overseas listing work leading group" to launch a new round of overseas listing preparation work, plans to use about 1-2 years to complete the overseas listing.　　But after that, the company's IPO plan has not surfaced, the share transfer frequently.　　Industry analysis, Tian an insurance to increase the share of capital, is intended to supplement the funds, ease the solvency of the pressure, paving the road for listing. May 21 this year, the West Water shares received an invitation letter from Tian ' an insurance, invited to participate in the 2010 expansion plan.　　West Water shares also made a warm response to the proposed purchase of the day security insurance does not exceed 350 million shares, the subscription price does not exceed 350 million yuan, after the completion of the subscription is not more than 8.06%. West Water shares said that through the participation in the security of the company to increase capital shares, can provide a new source of profits for the future development, improve the return on shareholders, will have a positive impact on the company. However, the company will eventually be able to buy a stake in the insurance and the company's actual capital contribution to determine, but also the CIRC review and other relevant procedures for approval.