On December 28, 2012, Northern Optoelectronics Co., Ltd. announced its plan to transfer 87.92% of its equity in Yunnan Tianda Photovoltaic Technology Co., Ltd. to its controlling shareholder, Northern Photonics Group Co., Ltd. This move is part of a broader strategy to streamline operations and focus on core business areas.
According to the announcement, as of September 30, 2012, Yunnan Tianda Photovoltaic Technology had total unaudited assets of RMB 902 million, with liabilities reaching RMB 807 million, resulting in net assets of RMB 94.64 million. The company reported operating income of RMB 54.62 million for the first nine months of 2012, but net profit was only RMB 114 million. However, after excluding non-recurring gains and losses, the net profit turned negative at RMB -116 million, indicating some financial challenges during that period.
Northern Optoelectronics stated that once the audit and evaluation processes are completed, the board of directors will review the transaction details, including the final price, payment method, and delivery timeline. This step is crucial to ensure transparency and fairness in the share transfer process.
In addition, the company reiterated its previous commitments regarding a major asset restructuring initiated in 2010 by China Optoelectronics Group, Hongta Innovation Investment Co., Ltd., and Yunnan Industrial Investment Holding Group Co., Ltd. If the company failed to meet the net profit target of RMB 29 million in 2012, it would still be obligated to compensate the photoelectric shares. Specifically, within 30 working days after the release of the 2012 annual report, any shortfall in the performance promises would be compensated in cash, based on the difference in shareholding ratios before the restructuring.
This development highlights the ongoing efforts of Northern Optoelectronics to optimize its portfolio and align with long-term strategic goals.Plastic Trowel,Plaster Plastic Trowel,Plaster Art Plastic Trowel,Plastic Trowel For Putty
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