SMM, Sept. 3: September 2 Ningde Times announced that the company intends to jointly invest 3.6 billion yuan with Guangdong Bangpu Recycling Technology Co., Ltd., a controlling subsidiary, to set up Ningbo Bangpu Times New Energy Co., Ltd. (temporary name), engaged in the investment and operation of positive materials and related resources. The purpose is to ensure the supply of positive materials of Ningde Times New Energy Technology Co., Ltd., promote the realization of the company's overall strategic objectives, and engage in the investment and management of positive materials and related resources.
Business scope is mainly for new energy, new materials industry investment, battery materials, nickel, cobalt and other related materials sales. Of these, Ningde Times contributed 1.764 billion yuan, accounting for 49 per cent of the shares, while Guangdong Bangpu contributed 1.836 billion yuan, accounting for 51 per cent of the shares.
The establishment of the joint venture is also Ningde era this year plans to invest in the field of positive materials. Consulting the data, it is found that in late April this year, Ningde Times held a board of directors to examine and pass the "proposal on Investment and Construction of Ningde cathode Materials Project by holding subsidiaries." it is proposed that Ningde Bang Pu Recycling Technology Co., Ltd., a holding subsidiary, will invest in the construction of positive materials projects, with a total investment of not more than 9.13 billion yuan.
For this investment, Ningde Times said that foreign investment is in line with the company's overall development strategy, and helps to further protect the supply of positive materials for the company. After the establishment of the joint venture, it may face the risks brought by the uncertain factors such as market, operation, management and so on. If there are significant changes in policy, market environment, management and so on, it will affect the realization of the expected income. In the long run, it will have a positive impact on the company's future financial situation and operating results.
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