TISCO and Daming International Holdings signed a strategic cooperation agreement onMarch 20th, that to enhance the cooperation in steel material processing chain, TISCO will participate in private placement of Daming International holdings. General Manager of TISCO Gao Xiangming, General Managerof Taigang stainless Zhang Zhifang, Vice General Manager Cai Zhiyong, Financial Director Lihua, Marketing Director Shang Jiajun, President of Daming International Holdings Zhou Keming, Vice President Zou Xiaoping, Jiang Changhong, Marketing Director Zhangfeng, and Financial Director Caopei attended the signing ceremony.
Daming International Holdings planned to allocate 104 million additional equities to Taigang Stainless at price of HK$ 3.5 per share, which is around 9.09% of present total share capital and 8.33% of the total share capital after finishing private equity placement. The net proceeds of the share issue is around HK$ 362 million, which will be used on the construction of Jingjiang Base and new processing center.
TISCO and Daming joined together and set up two steel processing centers, Tianjin Taigang&Daming and Taiyuan Taigang&Daming in 2007 and 2011. Taking advantage of TISCO’s products and Daming International Holdings’ processing capability, the two processing centers provided “One-stop solution” service to many industries and get acceptance from the market.
This time, the buying in as a partner will help TISCO and Daming further realize the sharing of resources and a full range communication and cooperation on aspects of market development, customer services, material processing, new products development etc. Daming International Holdings will work closely with TISCO and improve service capability of differential materials and provide high standard, high precision components and products for manufacturing industry, building a complete supply chain of steel producing, processing and delivering, raising service value and helping end users improve their market competitiveness.
