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The investment of COFCO Packaging (00906) in COFCO packaging increased by 2 billion yuan at the end of last year and became a shareholder of Qingyuan Jiaduobao, qualified combination solid, but COFCO was released on Friday. According to the announcement, Wang Laoji has not yet completed the capital increase agreement, it is expected to inject Jiaduobao brand into Qingyuan Jiaduobao as a commitment to pay in kind, the company will not be able to do so. COFCO packaging investment was sent Friday to the Hong Kong International Arbitration Center for Wong Lo Kat, Zhishou and Qingyuan Jiaduobao filed an arbitration application. The Jiaduobao brand has not yet been announced by the joint venture
According to the announcement of the capital increase agreement reached last October between the parties, the COFCO investment was financed by aluminum cans and two parts, joint venture companies of about 30.58. % equity, Wang Laoji is funded by his trademark Jiaduobao.When the capital increase is completed, Wang Laoji and the original shareholder Zhizhi, with a total stake of 69.42% of the joint venture.
COFCO Packaging Investment, however, indicated that COFCO Packaging Investment had so far complied with the credit agreement and that Wang Laoji had not honored the contract on time without having injected the trademark Jiaduobao into the joint venture, which affects the normal operation of the joint venture. Investing in Hong Kong to file an arbitration application, and full confidence in this arbitration, emphasized that it will strive to protect the legitimate rights and interests of the majority of shareholders. The company reiterated that as a leading consumer goods packaging company in China, its trading structure is mature and stable, with a multitude of customers and revenue sources, believes that this incident has a limited impact on the operations of the company.
COFCO Packaging stated that it will make timely announcements on the latest developments in arbitration applications in accordance with the requirements of the Listing Rules. Shares of the company closed Friday at 4.69 yuan, up 1.74%.
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