Han’s Laser sells 30% stake in a Hainan-based company to Nanjing Fullshare
Han’s Laser To Sell Stakes In 5 Companies
Han’s Laser Technology (002008), a maker of laser cutters, markers, welders, and sub-surface engravers, plans to sell its shareholdings in five companies for 964 million yuan, a move which may increase its 2011 pre-tax earnings by 300 million yuan, and up its 2012 pre-tax net profit by 130 million yuan, reports Securities Daily, citing a company filing. Of the five companies, four are loss-making.
According to Han’s Laser Technology, the stake disposals will enable the company to post higher returns from its main business, and will aid its long-term development.
A wholly-controlled subsidiary, Shenzhen Han’s Venture Capital, will sell a 30 percent stake in a Hainan-based company to Nanjing Fullshare Group for 150 million yuan.
The transaction will earn the company pre-tax income of 5.76 million yuan, and will have an impact on its 2012 earnings. Proceeds raised will mainly be used to supplement operating capital.
Through the end of July, the Hainan-based company had net assets of 251.95 million yuan, and incurred a loss of 10.53 million yuan for the first seven months. It did not record any revenue during this period.
Han’s Laser will sell a 49.9 percent stake in Nanjing Fullshare Han’s Technology to Fullshare Group and Nanjing Xinmeng Asset Management for a total of 387 million yuan.
Fullshare Han’s Technology had net assets of 550.31 million yuan as of end July. It did not record any revenue during the first seven months, and recorded a loss of 4.09 million yuan during this period.
The transaction will generate pre-tax earnings of 112.39 million yuan for the company and will contribute to its 2012 earnings numbers. Proceeds raised will be used to boost working capital.
Han’s Laser Technology will also transfer a 51 percent stake in Ningbo Han’s Derun Digitial Printing Technology to Fullshare Group for 24 million yuan.
The transaction will earn pre-tax income of 2.34 million yuan for Han’s Laser Technology and will contribute to its 2012 earnings. Proceeds raised will be to supplement operating capital. For the first seven months, the printing technology subsidiary lost 3.48 million yuan.
In addition, Han’s Laser Technology will transfer a 98.2 percent stake in Shenzhen Han’s Digital Image Technology to Fullshare Group for three million yuan.
The stake disposal will generate pre-tax income of 7.69 million yuan and will contribute to the company’s 2012 earnings numbers. The subsidiary incurred a loss of 815,200 yuan during the first seven months.
The disposal of the four loss-making subsidiaries will generate pretax income of 130 million yuan for Han’s Laser Technology in 2012.
Han’s Laser, together with Shenzhen Han’s Venture Capital, will sell the entire equity stake of Shenzhen Han’s Photovoltaic Technology to Fullshare Group and Nanjing Zhikai Asset Management for 400 million yuan.
The pre-tax income from the stake disposal will hit 304.94 million yuan, and the proceeds raised will be used to supplement operating capital.
Should the transaction be completed in time, the pre-tax income will be reflected in Han Laser’s 2011 earnings numbers.
Through the end of October, the PV subsidiary had net assets of 95.06 million yuan and earned net profit of 40.44 million yuan on revenue of 110.01 million yuan
According to Han’s Laser, the PV equipment sector is facing a situation of excessive supplies after rapid expansion in the past four years.
SOURCE: capitalvue.com
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