News summary
Conch Environmental Protection Group, a non-wholly-owned subsidiary of Conch Cement, plans to issue medium-term notes of no more than RMB 3 billion. The original guarantee plan will be cancelled, which will not cause harm to the interests of the company and shareholders.
Newsletter text
[Anhui Conch Cement (600585) plans to cancel the guarantee provided to environmental protection subsidiaries, and the issuance of 3 billion yuan medium-term notes will not be affected] Conch Cement (00914) recently announced that its non-wholly owned subsidiary Anhui Conch Environmental Protection Group plans to issue no more than 3 billion yuanjonathanfisherjeopardyThe parent company originally provided guarantees for the issuance of medium-term notes. However, due to Conch Environmental Group'sjonathanfisherjeopardyHis shareholders failed to provide counter-guarantee, and Conch Cement's board of directors voted on April 9 to cancel the guarantee plan. [Conch Cement complied with regulatory requirements and adjusted its guarantee plan] According to the notice from the State-owned Assets Supervision and Administration Commission of Anhui Province, the company must strictly abide by the control requirements of super-stock ratio guarantees. Therefore, the board of directors cancelled the original full joint and several liability guarantee plan. The shareholders 'meeting will review the new proposal, which only involves the registration and issuance of medium-term notes by Conch Environmental Protection Group. [The cancellation of the guarantee will not affect the issuance qualification, and the company's interests will not be harmed] Conch Cement made it clear that the cancellation of the guarantee plan will not harm the interests of the company and all shareholders. At the same time, this change will not have a significant impact on Conch Environmental Protection Group's eligibility to apply for registration of medium-term notes. As of now, the guarantee plan has not yet been implemented and the company has not signed any guarantee agreement.
