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From the four-time card holding to the fulfillment of the comprehensive offer, Asian pulp tycoon 3 billion eats

Time: January 9, 2020, 09:00:07 Zhongcai
On January 6, the couple of Yang Yanliang, the actual controller of Bohui Paper, formally signed an agreement to sell 100% of the equity of Bohui Group, which means that the Yangs and his wife will no longer hold Bohui Paper and take over the Asian pulp tycoon Cotai Investment Will become the new actual controller of the listed company.

The equity transfer also triggered a redemption of a full tender offer. On the evening of the 7th, Bohui Paper disclosed the relevant comprehensive tender offer plan. According to reports, the offer price is 5.36 yuan per share, and Cosmopolitan Investment theoretically needs to raise 3.6 billion yuan of funds. However, since the previous letter of intent for equity transfer was disclosed, Bohui Paper has pulled up two daily limits. Although the price has declined in the subsequent years, the offer price is still lower than the company's latest stock price. Therefore, it is difficult to determine whether any shareholders will accept the offer in the subsequent period. If the market outlook is not good, a break below the offer price will create a risk-free arbitrage opportunity.

According to the announcement, on December 30, 2019, Cotai Investment signed a Letter of Intent on Equity Transfer with Yang Yanliang and Li Xiurong on the 100% equity transfer of Bohui Group. On January 6, 2020, Cotai Investment signed an Equity Transfer Agreement with Yang Yanliang and Li Xiurong on the 100% equity transfer of Bohui Group.

Since Bohui Group holds 385 million shares of listed companies, accounting for 28.84% of the company's total share capital, corresponding to a transfer price of RMB 5.36 per share, the Cotai Investment acquired the equity of Bohui Group with a total transaction value of about 2.06 billion yuan. Prior to this, Cosmopolitan Investment had already held Bohui Paper for four times through its Ningbo Tube Box, thereby obtaining a 20% stake.

It can be seen from the retrospective announcement that as early as April 2019, Cotai Investment purchased Bohui Paper for the first time through its wholly-owned subsidiary, Ningbo Tube Box. After Ningbo Tube Box increased its holdings several times, in June 2019, its shareholding ratio reached 5%, triggering the plaque line for the first time. Since then, in July and October of the same year, Ningbo Tube Box has twice again listed Bohui Paper , and its shareholdings have increased to 10% and 15%, respectively. In November 2019, Ningbo Tube Box raised its brand for the fourth time, holding a 20% shareholding ratio, which was close to the 28.84% shareholding ratio of the largest shareholder, Bohui Group.

Ningbo Tube Box's four-time signing cost at least 1 billion yuan. It can be seen that Jinguang Investment won 48.84% equity of Bohui Paper before and after the investment, with a total cost of at least 3 billion yuan.

After the change of ownership, Cosmopolitan Investment and its concert parties will directly and indirectly hold a total of 653 million shares of listed companies, accounting for 48.84% of the company's total share capital. Bohui Paper said that this share transfer will cause the company's control to change. The controlling shareholder is still Bohui Group, and the actual controller of the company will be changed to the Huang Zhiyuan family.

As the acquisition of Bohui Group caused Cosmopolitan Investment to touch the redemption line for a comprehensive tender offer, Cosmopolitan Investment must issue a comprehensive offer to other public shareholders. On the evening of January 7, Bohui Paper disclosed the tender offer plan related to Cotai Investment.

The announcement stated that the tender offer is not intended to terminate the listing status of a listed company. Cotai Investment will theoretically require an offer of 684 million shares at a price of 5.36 yuan per share, accounting for 51.16% of the company's issued shares. The maximum total capital required for this tender offer is 3.666 billion yuan.

The Asian pulp tycoon's intent to decide what is the comprehensive tender offer plan came out, Cotai Investment invested in Bohui Paper . For Bohui Paper , the prospects for the Asian pulp tycoon Huang Zhiyuan's family.

According to the announcement, Huang Zhiyuan is the eldest son of Indonesian patriotic overseas Chinese Huang Yicong. He is currently the chairman and president of Cotai Investment and the president of APP China Holding. The other financial institution and listed company's equity is 17.00% of Ningbo Tongshang Bank Co., Ltd. Paper company PT Indah Kiat Pulp & Paper Tbk holds 53.25% shares and paper company PT Pabrik Kertas Tjiwi Kimia Tbk holds 59.67% shares.


The investment and business scope of Jinguang Investment includes investment in forestry construction, forestry products, various papers, in-depth processing of paper products, machinery and equipment. According to the company's official website, as of the end of 2018, Jinguang Investment had more than 20 wholly-owned and holding pulp and paper enterprises, 19 forestry companies, total assets of about 172.6 billion yuan, and an annual processing capacity of about 11 million tons. Sales amounted to approximately 58.9 billion yuan.

Jinguang Investment said that the paper industry involves many fields such as people's livelihood and industry. It has a long-term optimistic outlook for the future development of the Chinese economy, and has resolutely increased its investment in the Chinese market. The ability to resist risks and enhance the return on investment of public shareholders.

"Jinguang so hesitated to take the majority of Bohui Paper's controlling interest, in the hope of Bohui Paper 's production capacity." A person familiar with the matter believes that the paper industry is a highly polluting industry, and many paper companies want to increase production and expand production is not easy, Jinguang is the same Be troubled by this. However , Bohui Paper's production capacity has grown rapidly in recent years. In 2019, a number of projects such as "high-end packaging cardboard with an annual output of 750,000 tons" have been formally put into production. "Jinguang mainly produces cultural paper and household paper, and a considerable part of its production capacity overlaps with Bohui Paper . Therefore, Jinguang's entry into this round means that drunkards will focus on production capacity.
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