Shangfeng Cement (000672.SZ) subsidiary plans to sign an equity and debt transfer agreement on Shangfeng ZETH

Zhitong Finance App News, Shangfeng Cement (000672.SZ) issued an announcement. In order to properly handle relevant shareholders' qualification disputes and shareholders' asset rights issues in the joint venture, and to completely resolve the various issues and barriers of the project, combined with the company's strategic planning adjustments and friendly consensus among all parties concerned, the wholly-owned subsidiary Shangfeng Building Materials Co., Ltd. (hereinafter referred to as “Zhejiang Shui Co., Ltd.”), ZETH International, and related parties from the three parties: Zhu Rongjun, Shangfeng ZETH, ZETH Cement Co., Ltd. (hereinafter referred to as “ZETH Cement”), Europe Concrete Co., Ltd. (hereinafter referred to as “European Concrete”), ZETH New Standard Co., Ltd. (hereinafter referred to as “ZETH New Standard”), Zhejiang Zhejiang Renewable Energy Co., Ltd. (hereinafter referred to as “Zhejiang Water New Energy”), and Zhejiang Jiangneng Construction Co., Ltd. (hereinafter referred to as “Jiangneng Construction”) jointly signed an equity and debt transfer agreement on Shangfeng ZETH.

Among them, according to the transfer agreement, Shangfeng Building Materials plans to transfer the total principal and interest of Shangfeng ZETH at RMB 211 million to Zhejiang Water shares; at the same time, ZETH International will transfer 58% of Shangfeng ZETH's shares already registered under its name to Zhejiang Shui shares at 10,000 som (about RMB 820 in total); due to overseas business development needs, Zhejiang Shui Co., Ltd. agreed to transfer 58% of Shangfeng ZETH's shares and Shangfeng Construction's full claims against Shangfeng ZETH at the above prices.