Shareholders approve Midea plans
Updated: 2013-04-23 15:58
By Tang Zhihao in Shanghai (chinadaily.com.cn)
|
|||||||||||
GD Midea Holding Co Ltd, a Shenzhen-listed home appliance manufacturing company, gained approval from a majority of its shareholders on April 23 to integrate into the Midea Group and the group will list on the Shenzhen Stock Exchange during the year.
GD Midea Holding is a subsidiary of Midea Group. The integration will be completed through share exchange and shareholders will be granted 0.3582 shares in Midea Group for each share in GD Midea Holding Co Ltd. The issue price of Midea Group is 44.56 yuan ($7.13 ) per share.
Midea Group's overall listing plan is still waiting for approval from the China Security Regulatory Commission and is expected to be completed in second half of 2013.
Midea Group will become the largest A-share listing home appliance manufacturer in China in term of sales after the listing.
Midea Group recorded 102.7 billion yuan in sales in 2012, and projected 15 percent sales growth in the next three to five years. The net profit growth rate is expected to be higher than 15 percent.
Fang Hongbo, chairman of the board of Midea Group, said the company will continue to increase gross profit margins.
Related Stories
GD Midea Holding hits limit after trading resumes 2013-04-01 17:06
Midea Group restructures assets for possible listing 2012-12-18 16:59
Modern logistics base with the Midea Group 2012-06-27 17:04
Midea loses patent suit to Gree 2011-11-14 09:25
More funding for Midea Group 2011-08-04 16:08
China's GD Midea 2010 net profit up 69.24% 2011-03-17 15:45
Today's Top News
Net forex purchases for fourth month
No new stimulus needed: Experts
Chinese president appoints 5 new ambassadors
No H7N9 transmission between humans: WHO
Health new priority for quake zone
China, ROK criticize visits to shrine
Sino-US shared interests emphasized
Entrepreneurs see potential in market
Hot Topics
Lunar probe , China growth forecasts, Emission rules get tougher, China seen through 'colored lens', International board,
Editor's Picks
Supplies pour into isolated villages |
All-out efforts to save lives |
Liaoning: China's oceangoing giant |
Poultry industry under pressure |
'Spring' in the air for NGOs? |
Boy set to drive Chinese golf |