Securities code: 000798 securities abbreviation: Cnfc Overseas Fisheries Co.Ltd(000798) Announcement No.: 2022-004 Cnfc Overseas Fisheries Co.Ltd(000798)
Announcement on asset disposal of holding subsidiaries
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
1、 Transaction overview
1. Cnfc Overseas Fisheries Co.Ltd(000798) (hereinafter referred to as “the company”), a holding subsidiary of Sinohydro North America, plans to publicly transfer three fixed assets of Luodong warehouse, dormitory and office building located in Los Angeles at a price not lower than the assessed value of the assets on the open market.
2. The above transaction has been deliberated and adopted at the 4th meeting of the 8th board of directors of the company. The voting status of the proposal: 8 in favor, 0 against and 0 abstention. The above transactions need not be reviewed and approved by the general meeting of shareholders.
3. This asset disposal does not require the approval of relevant government departments, nor does it require the consent of creditors and other third parties.
4. This asset disposal does not constitute a related party transaction, nor does it constitute a major asset reorganization specified in the administrative measures for major asset reorganization of listed companies.
2、 Basic information of the counterparty
The asset disposal is sold in the open market, there is no clear transferee, and the final transaction price is uncertain.
3、 Basic information of transaction object
1. Overview of the underlying assets:
(1) Luodong warehouse
1136-1150 s Vail ave, Montebello, CA 90640. Reclaimed Water North America was purchased on May 22, 2015 and located in Montebello, Southeast of Los Angeles County. As a fixed asset management, there is no major dispute, litigation or arbitration involving relevant assets, and there are no judicial measures such as seizure and freezing.
(2) Dormitory
228 s San Marino ave, unit a, San Gabriel, CA 91776. Reclaimed Water North America was purchased on March 4, 2011 and managed as fixed assets. There are no major disputes, lawsuits or arbitration involving relevant assets, and there are no judicial measures such as seizure and freezing.
(3) Office building
Address: 246 s de Lacey ave, Pasadena, CA 91105. Reclaimed Water North America was purchased on January 28, 2011 and managed as fixed assets. There are no major disputes, lawsuits or arbitration involving relevant assets, and there are no judicial measures such as seizure and freezing. 2. Book value of assets
Unit: USD 10000
Asset name original value of assets depreciated net value of fixed assets assessed value
Luodong warehouse 650.00 63.95 586.05 932.50
Dormitory 60.16 13.06 47.10 80.50
Office building 34.63 8.78 25.84 62.00
Total 744.78 85.79 658.99 1075.00
3. Evaluation organization
Asset Name: name of appraisal institution: have you ever engaged in securities business
Luodong warehouse syn Mar associates is
Dormitory CalTOP applisal is
Office empire is
This asset disposal transaction does not involve the transfer of creditor’s rights and debts.
4、 Main contents of transaction agreement
The transaction agreement has not been signed.
5、 Other arrangements involving asset disposal
This asset disposal does not involve employee placement, land lease, etc. there will be no new related party transactions after the transaction is completed. The proceeds from the disposal of the company’s assets are used to supplement the company’s working capital.
6、 Purpose of asset disposal and its impact on the company
In view of the serious impact of covid-19 pneumonia on the business of Sinohydro North America, and according to the requirements for overseas operation risk prevention and control, this asset disposal is conducive to reducing asset risk, optimizing asset structure, reducing management cost, improving asset operation efficiency and improving development quality, which is in line with the company’s overall strategy. There is no clear transferee for this asset disposal, and there is uncertainty. The final impact on the company’s financial data shall be subject to the audit results of accountants.
7、 Documents for future reference
1. Resolutions of the 4th meeting of the 8th board of directors;
2. Evaluation report of Luodong warehouse;
3. Dormitory evaluation report;
4. Office evaluation report.
It is hereby announced.
Cnfc Overseas Fisheries Co.Ltd(000798) board of directors January 12, 2022
