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Bengang Steel Plate to set up wholly owned subsidiary with CCPP power assets for real estate ABS
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Benxi Steel Plate Co., Ltd. (SZ 000761, closing price: 2.21 yuan) announced on the evening of September 27 that, in order to revitalize existing assets, broaden equity financing channels, and optimize its asset-liability structure, the company plans to issue holding-type real estate asset-backed securities on the Shenzhen Stock Exchange. According to the transaction structure requirements of such securities, the underlying assets should be held by a project company, and the asset-backed special plan indirectly holds the underlying assets through holding 100% equity of the project company. Accordingly, the company intends to establish a wholly owned subsidiary by contributing physical assets including its CCPP power generation assets, and transfer the CCPP power generation assets into the project company.
Source report
Benxi Steel Plates Co., Ltd. (SZ 000761, closing price: 2.21 yuan) announced on the evening of September 27 that it intends to issue holding-type real estate asset-backed securities on the Shenzhen Stock Exchange. The move aims to revitalize existing assets, broaden equity financing channels, and optimize the company's asset-liability structure.
According to the transaction structure requirements for holding-type real estate asset-backed securities, the underlying assets must be held by a project company. The asset-backed special plan will indirectly hold the underlying assets by acquiring 100% equity of the project company.
To this end, the company plans to establish a wholly-owned subsidiary by contributing physical assets, including its CCPP power generation assets, and will transfer these CCPP power generation assets into the project company.
This article is sourced from National Business Daily (NBD). For more details, see NBD's coverage: "Mooncakes are becoming expensive, oily, and sweet—'Mooncake sales slump' trends online, yet Sam's Club sells out. Among listed companies, Guangzhou Restaurant sells the most and at the highest price, with gross margins exceeding 50%. Low-sugar mooncakes see strong sales."
(Reported by Wang Hanli)
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每日经济新闻Neutral / independent
Part of this Story
Bengang Steel Plate to spin off CCPP assets into subsidiary for REIT issuance