TISCOand Daming International holdings signed a strategic cooperation agreement onMarch 20th, that to enhance the cooperation in steel materialprocessing chain, TISCO will participate in private placement of DamingInternational holdings. General Manager of TISCO Gao Xiangming, General Managerof Taigang stainless Zhang Zhifang, Vice general manager Cai Zhiyong, Financialdirector Lihua, Marketing director Shang Jiajun, President of Daming Internationalholdings Zhou Keming, Vice president Zou Xiaoping, Jiang Changhong, Marketingdirector Zhangfeng, and Financial director Caopei attended the signing ceremony.
DamingInternational holdings planned to allocate 104 million additional equities toTaigang Stainless at price of HK$ 3.5 per share, which is around 9.09% ofpresent total share capital and 8.33% of the total share capital afterfinishing private equity placement. The net proceeds of the share issue isaround HK$ 362 million, which will be used on the construction of JingjiangBase and new processing center.
TISCOand Daming joined together and set up two steel processing centers, TianjinTaigang&Daming and Taiyuan Taigang&Daming in 2007 and 2011. Takingadvantage of TISCO’s products and Daming International holdings’ processing capability,the two processing centers provided “One-stop solution” service to manyindustries and get acceptance from the market.
This time, the buying in as a partnerwill help TISCO and Daming further realize the sharing of resources and a fullrange communication and cooperation on aspects of market development, customerservice, material processing, new products development etc. DamingInternational holdings will work closely with TISCO and improve servicescapability of differential materials and provide high standard, high precisioncomponents and products for manufacturing industry, building a complete supplychain of steel producing, processing and delivering, raising service value andhelping end users improving their market competitiveness.