On March 15th, Yunhai Metal announced that the company and Nanjing Linghang recently signed an “Investment Cooperation Agreement” to jointly invest in the construction of a magnesium-aluminum building formwork project in Chaohu, Anhui. The investment in fixed assets of the project is 90.58 million yuan. In order to implement the project, the two parties jointly funded the establishment of a joint venture company tentatively named Anhui Magnesium Aluminum Building Formwork Technology Co., Ltd. The new company was registered in Chaohu, Anhui Province, with a registered capital of 160 million yuan.
Project Overview
In order to further expand the application of magnesium alloy templates, enhance competitiveness and profitability, expand the downstream application fields of magnesium alloys, thereby promoting the development of the magnesium industry. Nanjing Yunhai Special Metal Co., Ltd. (hereinafter referred to as “Yunhai Metal” or the “Company”) and Nanjing Linghang Yunzhu New Material Technology Co., Ltd. (hereinafter referred to as “Nanjing Linghang”) recently signed the “Investment Cooperation Agreement”, which is planned to be located in Chaohu, Anhui Province. Joint investment in the construction of magnesium-aluminum building formwork projects.
In order to implement the project, the two parties jointly funded the establishment of a joint venture company tentatively named Anhui Magnesium Aluminum Building Formwork Technology Co., Ltd. (the company name will be subject to the final approval of the industrial and commercial department). The new company is registered in Chaohu, Anhui Province, with a registered capital of 160 million yuan. RMB, of which Yunhai Company invested 100 million yuan, accounting for 62.5% of the equity; Nanjing Linghang invested 60 million yuan, accounting for 37.5% of the equity.