Gansu Electric Power Pushes Assets to Displace Northwest Chemicals to Transform Hydropower Units

After the announcement on November 17 that the shareholdings of the major shareholders will be changed, Gansu Power Investment Group, the new largest shareholder of Northwest Chemical (000791), immediately launched a huge asset replacement and private placement plan.

According to the plan, the Northwest Paint Factory will hold 39.27% ​​of the shares of Northwest Chemicals, which will be transferred to Gansu Power Investment after being approved by the Gansu Provincial SASAC and the SASAC of the State Council. At the same time, Gansu Power will use the held hydropower assets and all the assets and liabilities of Northwest Chemicals. After the replacement, the remaining hydropower assets after the replacement were purchased by Northwest Chemicals from Gansu Power and non-public offering of shares. The estimated value of the net assets of the hydropower company mentioned in the preceding paragraph is approximately RMB 4.55 billion, and the estimated net asset value of Northwest Hydro Chemical to be set aside is RMB 400 million.

The issuance price of the issuance is the average price of stock trading for the 20 trading days prior to the pricing base date, which is 7.44 yuan per share. Based on this issuance price, the number of shares issued during this transaction is approximately 558 million shares. This non-public issuance of shares is Estimated value of purchased assets is approximately 4.15 billion yuan.

According to the announcement, Gansu Electric Investment intends to inject hydropower assets to realize net profit attributable to the owners of the parent company in 2010 of RMB 111 million, and from January to October 2011, it achieved net profit of RMB 219 million. According to the preliminary profit forecast, it is expected that Gansu Power's proposed injection of hydropower assets will achieve a net profit of approximately RMB 160 million for the year 2011, and a net profit of approximately RMB 195 million for the entire year. If the transaction is completed in 2012, Northwestern Chemical will achieve a net profit of approximately RMB 195 million for the entire year of 2012.

Northwest Chemicals also disclosed that, as of the date of this plan, Gansu Power will invest in the hydropower companies listed on the listed company. Due to the ongoing construction, Shuangguan Hydropower, Shenshu Power Station, Shimenping Power Station, and Orange Zigou Power Station have not yet obtained electric power business licenses. Certificates for business licenses such as licenses and water withdrawal permits. Gansu Power Investment promises that the resulting losses and risks will be borne by Gansu Power Investment. Therefore, if losses are caused to the listed company, Gansu Power Investment will directly make up for it in cash. In addition, the loss of some subsidiaries of Da Rong Company and Caohe Hydropower was mainly due to the fact that the hydropower stations owned by Da Rong Company’s subsidiaries and the hydropower stations of Luohe Company were completed soon. Because of the characteristics of hydropower construction, the investment in the early stage is relatively large, and the income in the later period is relatively stable. It is expected that with the normal power generation operations of the above-mentioned hydropower stations and the repayment of loans, the loss of hydropower companies will be greatly improved.

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