Ningbo Fu Bang Group suspends assets transfer of aluminium branch

Dec 9, the note of Ningbo Fu Bang Group claims the company has received the inform of Yinzhou District Government to suspends assets transfer of aluminium branch since the landcover of the branch has been listed in one of the government's construction plan.

The company had planed to transfer part of its aluminium branch to its shareholder company, the deal would conclude the transfer of buildings and land.

Later, the related processes will be released according to the procedures.

About the company

Ningbo Fu Bang Group Joint Stock Co.,Ltd is a company established in 1993 approved by Ningbo System Reform Regulation No.26(1992)from Ningbo Economic System Reform Office by the method of directed placement. The company stock is listed on Shanghai Security Exchange in 11 Nov 1996.

The company mainly deals in: non-ferrous metal composite materials, new type alloy materials, aluminum and aluminum alloy plates, belts, foils, aluminum section materials and product manufacture and machining etc. By the end of Dec 2004, total assets reaches RMB 500 million, annual sale for aluminum materials is 31.5 thousand tons. The main operation business income is RMB458.5459 million with RMB20.2568 million net profits.

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