| Guangxia Industry to get asset injection from Ningdong Railway | |||
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Ningdong Railway is planning large-scale asset restructuring with Guangxia (Yinchuan) Industry (000557), to be started within a year,?Shanghai Securities News reports. Ningdong Railway, which has registered capital of 3.33 billion yuan (US$525 million), engages in the construction and development of railway, storage and logistics businesses. At present, the company is mainly focused on a railway construction and operation project at Ningdong Energy Base, a national-level energy base. The firm has six large shareholders, including Shenhua Ningxia Coal Industry (35.59%) and China Cinda Asset Management. Shenhua Ningxia Coal Industry will raise its holding in the firm to 49.5 percent, and will become the controlling shareholder when it acquires a stake from another shareholder. Over 2009 to 2011, Ningdong Railway earned net profits of 40.85 million, 193 million and 221 million yuan each year on sales of 424 million, 573 million and 700 million yuan. As of the end of 2011, the railway firm had total assets of 4.05 billion yuan and liabilities of 767 million yuan, with an asset-liability ratio of 18.95 percent. The railway firm became Guangxia Yinchuan Industry's largest shareholder after it purchased some 100.43 million shares from existing shareholders. Ningdong Railway plans to inject four billion yuan worth of high-quality net assets into Guangxi Yinchuan Industry, which will see it engage in railway, storage and logistics construction and management.
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