Hunan Nonferrous Metals acquires Zigong Cemented Carbide

摘要

Hunan Nonferrous Metals Co., Ltd. (Hunan Non ferrous Metals for short) has completed acquisition of Zigong Cemented Carbide Co., Ltd. (Zigong Cemented Carbide). On July 19, an establishment ceremony was held for the newly-organized company named Hunan Nonferrous Zigong Cemented Carbide Co., Ltd. Zigong Cemented Carbide Co., Ltd. is China's second biggest hard alloy producer, just after Zhuzhou Hard Alloy Group that is a subsidiary of Hunan Nonferrous Metals. On June 21, Hunan Nonferrous Metals Co., Ltd. signed an agreement with Zigong State-owned Assets Supervision and Administration Commission, to raise the registered capital of Zigong Hard Alloy to 500 million yuan. Of which, Hunan Nonferrous Metals subscribes 400 million yuan (in cash), accounting for 80 percent of the registered capital. And Zigong State-owned Assets Supervision and Administration Commission contributes the net asset of Zigong Hard Alloy as its investment, accounting for the rest 20 percent.