Transfer to the controlling shareholder to the "burden" of Shanghai Electric to shake Tianwo Technology's equity?

On the evening of June 20, Shanghai Electric (SH601727, stock price 4.15 yuan, and a market value of 64.656 billion yuan) announced that it will transfer the holding of Tianwo Technology (SZ002564, a stock price of 4.42 yuan, a market value of 3.843 billion yuan) to Shanghai Electrical Holding Group Co., Ltd. (hereinafter referred to as Electric Holdings). The transaction price was 4.26 yuan/share, totaling 564 million yuan.

Establish associated transactions

Shanghai Electric has further stated that in view of the fact that electrical control is Shanghai Electric Holdings, the above transaction constitutes a related transaction. After the transaction is completed, the controlling shareholder of Tianwo Technology will be changed from Shanghai Electric to electrical holding, and the Shanghai State -owned Assets Supervision Commission will still be the actual controller of Tianwo Technology.

In addition, after review by the Shanghai Electric Board of Directors, the "Proposal on the Issuance of Suzhou Tianwo Technology Co., Ltd. to purchase 100%equity of Shanghai Boiler Factory Co., Ltd. and raise supporting funds for the purchase of shares of Suzhou and the support funds" and the "Suzhou Tianwo Technology Co., Ltd. to Shanghai Liuxin Industrial Co., Ltd. raised supporting funds and related transactions ".

Shanghai Electric said that in the past two years, affected by many reasons such as the new crown pneumonia's epidemic, procurement and rising construction costs, Tianwo Technology's operations are facing difficulties. Wo Technology injected 100%equity of Shanghai Boiler Factory Co., Ltd. to improve the quality of Tianwo Technology assets. However, due to the recent changes in the external market environment, the above transactions continue to face large uncertainty. After research and negotiation, the asset control is intended to terminate the shares of Tianwo Technology.

Signed a loan exhibition agreement

According to Shanghai Electric Announcement, the above transfer is expected to generate a net income of about 139 million yuan. After the transaction is completed, Tianwo Technology will become the company's related parties.

It is worth mentioning that Shanghai Electric signed 1.3 billion yuan and 700 million yuan "Loan Exhibition Agreement" with Tianwo Technology on January 28, respectively, and the 2 billion yuan borrowing period for Tianwo Technology to February 21, 2023 On February 28, 2023, the borrowing rate during the exhibition period was 3.85%of the annual interest rate.

In addition, Shanghai Electric provided the total guarantee of 4.614 billion yuan to Tianwo Technology and its holding subsidiaries. After the transaction is completed, in the case of anti -guarantee, Shanghai Electric will continue to perform the existing contract, and will no longer provide guarantee for Tianwo Technology and its holding subsidiaries.

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Daily Economic News

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