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[證券日報網▪中國資本證券網訊] 12月16日,齊合天地集團有限公司( “齊合天地”或“齊合” )(00976.HK)發佈公告稱,其以1歐元(約8.9港元)收購德國Scholz集團全部股本的交易之“所有完成條件已獲達成及建議收購根據股份購買協定的條款及條件”均已完成。

自12月16日起,“Scholz Holding已成為齊合天地的間接全資附屬公司”。此次收購完成後,齊合天地將躋身全球最大廢金屬回收商之列。 Read more

[證券日報網▪中國資本證券網訊] 12月16日,齊合天地集團有限公司( “齊合天地”或“齊合” )(00976.HK)發佈公告稱,其以1歐元(約8.9港元)收購德國Scholz集團全部股本的交易之“所有完成條件已獲達成及建議收購根據股份購買協定的條款及條件”均已完成。

自12月16日起,“Scholz Holding已成為齊合天地的間接全資附屬公司”。此次收購完成後,齊合天地將躋身全球最大廢金屬回收商之列。

以債換股“智取”德國Scholz

據此前公告,為完成此次收購,齊合天地先是以2.36億歐元(約21億港元)買入Scholz的5.24億歐元(約46.6億港元)債務,成為Scholz最大的債務持有人,然後通過以債換股的方式成為控股股東。

在此期間,齊合先後取得奧地利、德國、波蘭、土耳其、斯洛維尼亞、塞爾維亞、以及波士尼亞及黑塞哥維那等七個國家相關監管機構的合併控制批准。

公開資料顯示,被齊合天地收購的德國Scholz集團成立於1872年,是德國一家從事廢金屬處理及加工業務的老牌企業,能提供再生金屬及廢舊金屬處理的所有工序,已形成從物料收集、集中、分類及加工至銷售、使用到再迴圈的一站式體系。

收購完成後,通過利用Scholz集團強大的國際網路及過硬的技術能力,齊合天地不僅能獲得來自歐美市場穩定、廉價的上游材料供應以降低其業務成本,亦可獲得全球領先的廢舊汽車拆解及加工技術,並利用Scholz集團在國際市場廣泛的客戶群進一步擴大其自身客戶群體。

中國最大混合廢金屬再生商盈利能力再上台階

據悉,齊合天地為國內領先的混合金屬再生企業,主要從事混合廢金屬回收、拆解加工處理及資源迴圈再利用,其主營業務包括金屬再生業務、鑄造業務及汽車拆解業務。

按環保部門批准的混合廢金屬進口總量與混合廢金屬實際進口量計算,齊合天地是中國最大的混合廢金屬再生商,也是從事混合廢金屬進口、迴圈再用及加工的最大進口商。目前,公司由重慶渝商集團間接控股。

齊合天地董事長涂建華向《證券日報》記者表示,收購Scholz集團將為齊合天地帶來業務協同效應,優化齊合現有的回收業務,提升競爭優勢,並提高盈利,有助於將齊合天地打造成為全球領先的混合金屬再生企業。

據wind資訊資料顯示,深港通開通前11個交易日,齊合天地平均日成交額554.91萬元,深港通開通後11個交易日,其日成交額小幅增至685萬元。

[09 November 2016, Hong Kong] Chiho-Tiande (00976) announces that, referring to its proposed acquisition of the entire share capital in Scholz Holding GmbH, the Company has obtained the merger control clearance from the Council of Competition of Bosnia and Herzegovina and all relevant merger control clearances for the proposed acquisition have been obtained from the relevant regulatory authorities.

[25 October 2016, Hong Kong] Chiho-Tiande (00976.HK) announces that with effect from 24 October 2016, Mr. Zhang Jun resigned as CEO and Executive Director and ceased to be a member of the Executive Committee and Strategy and Investment Committee of the Company; Ms. Zhang Jingdong resigned as an Independent Non-executvie Director and ceased to be a member of the Audit Committee, the Nomination Committee and the Remuneration Committee of the company. Mr. Zhang resigned due to his desire to devote more time on his personal endeavors and Ms. Zhang resigned as she will retire. Each of them has confirmed that he/she has no disagreement with the Board and there are no matters with regard to his/her resignation which need to be brought to the attention of the shareholders of the Company or the Stock Exchange.

Read more

[25 October 2016, Hong Kong] Chiho-Tiande (00976.HK) announces that with effect from 24 October 2016, Mr. Zhang Jun resigned as CEO and Executive Director and ceased to be a member of the Executive Committee and Strategy and Investment Committee of the Company; Ms. Zhang Jingdong resigned as an Independent Non-executvie Director and ceased to be a member of the Audit Committee, the Nomination Committee and the Remuneration Committee of the company. Mr. Zhang resigned due to his desire to devote more time on his personal endeavors and Ms. Zhang resigned as she will retire. Each of them has confirmed that he/she has no disagreement with the Board and there are no matters with regard to his/her resignation which need to be brought to the attention of the shareholders of the Company or the Stock Exchange.

 

At the same time, Mr. Qin Yongming, the Executive Director, ceased to be Executive Vice President (“EVP”) and has been re-designed as Chief Executive Officer; Mr. Liu Huaiyu has been appointed as EVP, Executive Director, member of the Executive Committed and the Strategy and Investment Committee of the Company, Company Secretary, Authorised Representative and Process Agent.

[06 September 2016, Hong Kong] – Chiho-Tiande Group Ltd. (“Chiho-Tiande” or “CTG”) (HKEx stock code: 00976), the leading mixed metal scrap recycler and importer in China and the largest buyer of electro scrap motors from Europe, today announced the introduction of the envisaged new management team for Scholz Recycling GmbH (“Scholz Recycling”), the new operational ultimate holding company of Scholz Group. After reaching several major milestones recently, CTG is now making good progress towards the objective of becoming the sole shareholder of Scholz Group. Read more

  • Four new members to complement management team led by interim CEO Oliver Scholz going forward
  • Focus on profitable business development and revenue growth

[06 September 2016, Hong Kong] – Chiho-Tiande Group Ltd. (“Chiho-Tiande” or “CTG”) (HKEx stock code: 00976), the leading mixed metal scrap recycler and importer in China and the largest buyer of electro scrap motors from Europe, today announced the introduction of the envisaged new management team for Scholz Recycling GmbH (“Scholz Recycling”), the new operational ultimate holding company of Scholz Group. After reaching several major milestones recently, CTG is now making good progress towards the objective of becoming the sole shareholder of Scholz Group.

The designated management team will focus on driving the business forward, on unlocking profitable revenue growth and on carefully realigning Scholz Group to increase profitability.

As already announced earlier, Oliver Scholz and Dr Gerd Hähne are part of the management board of Scholz Recycling. Oliver Scholz will be interim CEO and Dr Gerd Hähne will serve as CEO for the German and Polish business. Additionally, four new members have been designated for the future management team of Scholz Recycling.

Henry Qin will complement Oliver Scholz as Co-CEO after CTG received merger clearance in all relevant jurisdictions. Mr. Qin is looking back on a professional career in various multinational companies in China, with a focus on purchasing and finance. Since June 2016, Henry Qin has served as Executive Vice President and Executive Director of the Board of Chiho-Tiande Group. Mr. Qin holds an MBA from University of Southampton, UK.

Jochen Fischer has been designated for the role as Group CFO. After finishing his business studies (Diplom-Kaufmann) in Cologne, he worked for advisory firms Arthur Andersen and Ernst & Young, focusing on transaction advisory. He left his career in consulting to take up several leadership roles in the energy and electronics industry, as Managing Director and CFO.

Kai Lohmann is the designated Group COO of Scholz Recycling. In this function, he will be responsible for the operational business of Scholz Group. His understanding of the tasks at hand is supported by his current advisory role for Chiho-Tiande on the acquisition of Scholz Group. Kai Lohmann pursued a career in the chemicals industry, starting at BASF. He held several distinguished positions in the industry, especially in the field of purchasing, strategy and as the CEO of a mid-sized company in Southern Germany. In addition, Kai Lohman was Managing Director of privately held global metal recycling and raw materials group Cronimet, where he was responsible for group companies in various countries. Mr. Lohman received a business degree (Diplom-Kaufmann) from University of Bayreuth.

As future Chief Transformation Officer, Martin Billhardt will be responsible for the ongoing transformation of Scholz. Mr. Billhardt is looking back on 25 years of management and leadership experience, more than eleven years of which at PNE WIND AG, where he served amongst others as COO, CFO and CEO. He successfully executed the turnaround of PNE WIND, focusing the company on development and service of wind park projects. In addition, he led various M&A and operational projects. His previous career included the position as Managing Director of a family office in Northern Germany. Martin Billhardt received a full law degree in Freiburg.

Tu Jianhua, Executive Director and Chairman of Chiho-Tiande Group Ltd.: “In the future, Scholz Recycling will be led by an experienced and capable management team. The members have proven their qualities in diverse leadership roles, gathering in-depth experience in all fields of corporate management, including successful business transformation and realignment. At the same time, the new designated members will be working together with Oliver Scholz and Gerd Hähne. The combination of deep knowledge of Scholz and new management vigor will be the foundation for developing Scholz Group into an integral part of the future globally leading metal recycling company.”

 About Chiho-Tiande

Chiho-Tiande was founded in 1995 and is headquartered in Hong Kong. Since 2010, the Group is listed on the Hong Kong Stock Exchange. Over the years, Chiho-Tiande has continuously expanded its business and is today the largest metal recycler in China in terms of the total import volume for mixed metal scrap. Furthermore, Chiho-Tiande is the largest importer of mixed metal scrap and motors for importing, recycling, reusing and processing. The Group follows a long-term business orientation and aims at widening its global footprint to strengthen the Company’s leading market position.

About Scholz Group

Scholz Group is a leading European scrap recycler with an impressive regional presence in Germany, Poland, Austria, the Balkans, the Czech Republic, the United States of America and Mexico. Furthermore it is internationally one of the largest recycling companies for ferrous and non-ferrous metal.

為迎接未來中國廢金屬市場發展機遇,齊合天地(00976)去年開始積極收購再生資源加工企業,並拓展至廢潤滑油加工業務,今年更衝出海外,準備收購全球最大廢金屬回收商之一的德國百年企業。集團主席涂建華表示,目標於今年底前完成收購,進軍上游回收市場,以改善集團毛利表現,而且打造成全產業鏈企業。為應付未來市場需求,集團亦已拓展產能,新廠房產能由約37萬噸增加至55萬噸。 Read more

為迎接未來中國廢金屬市場發展機遇,齊合天地(00976)去年開始積極收購再生資源加工企業,並拓展至廢潤滑油加工業務,今年更衝出海外,準備收購全球最大廢金屬回收商之一的德國百年企業。集團主席涂建華表示,目標於今年底前完成收購,進軍上游回收市場,以改善集團毛利表現,而且打造成全產業鏈企業。為應付未來市場需求,集團亦已拓展產能,新廠房產能由約37萬噸增加至55萬噸。

Mr. Tu 1

齊合天地主要業務為回收、拆解及加工處理混合廢金屬作循環再用,是內地一家混合金屬再生商。去年獲渝商投資集團入主,並成為單一大股東,而渝商本身亦有投資發展再生資源行業,渝商董事長涂建華同時出任齊合天地主席,今年又引入新管理團隊,以「新人事新作風」重整旗鼓。

新任團隊謀求翻身

過去三年,齊合的業績皆不太理想,截至去年12月底止,公司收入為31.4億元,同比跌46.6%;虧損亦由2014年的10.6億元增加至11.4億元。集團首席財務官官偉雄解釋,由於集團一直沒有上游的供應鏈,只依賴從各地供應商購買廢金屬,而原材料價格由供應商控制,所以早前生產的產品毛利很低,加上再做存貨撥備,因此去年毛損增加至4,527.6萬元。

除了去年金屬價格大幅向下,對公司盈利帶來某程度影響之外,集團首席投資官吳健源指,「之前的管理層和股東習慣做Long Inventory(長期庫存),而現在的商品市場波動已收窄,不再是單向走勢,所以我們更關注貨存的流動性,流轉愈快愈好,所以去年底已進行清點,因此賬面產生較大虧損。」

涂建華補充:「雖然去年已進入齊合,但與原有股東有分歧,現時舊股東已離開,因此真正接手公司是今年第二季。現在看來行業好像不太景氣,但目光要放長遠,因為我是做工業出身,與舊股東的經營理念有些不同,舊股東比較喜歡做期貨、炒賣,仔細看去年財務報表,光是期貨虧損已有8億多元,所以去年底已要求做平倉,真正的盈利性虧損很少的,未來有信心在最快的時間讓齊合重新打翻身仗。」

頻作收購殺入德國

為何當初會對齊合天地產生興趣?涂建華直言,非常看好再生資源行業,「在去年加入齊合前,渝商在內地已做了一系列關於再生、環保產業的布局,而齊合是一間香港上市公司,可作為投資的平台。我對行業已經研究很多年,雖然齊合前期是虧損,但隨著中國法律法規健全、人民對環保健康意識提高以及領導的重視,行業將有很大的發展前景,所以收購齊合作為平台,有助進行全球布局。」

渝商入主齊合后動作頻頻,去年8月先與日本伊藤忠金屬及鈴木商會組合營公司;今年1月於內地收購煙台一間廢潤滑油加工公司,進一步擴大集團業務;3月又收購大連一間再生資源加工企業。而集團今年最重要的部署,就是希望於今年底前完成收購全球最大廢金屬回收商之一的德國百年企業Scholz,藉此拓展至上游原材料供應產業,省卻「中間人」並直通貨源,降低成本,令利潤空間也得以提升。

齊合上月斥資2.36億歐元(約21億港元)買入Scholz約5.24億歐元(約46.6億港元)債務,並成為Scholz最大的債務持有人,現正採取一系列步驟為潛在股權收購做準備。是次收購Scholz的過程曲折,本來公司計劃以增資擴股形式成為Scholz的股東,惟遇上國際基金對手阻撓。吳健源表示,「當時馬上考慮另一形式,直接找Scholz的債權銀行商討,把債權買下來,以優先級債權人身分控制公司,由於債權大於一切,便成功繞開對手。」他續指,下一步的工作是進行以債換股,把手持的債務豁免並轉換為Scholz股份,成為控股股東,整個過程有望爭取於年底前完成。由於Scholz部分業務受歐洲反傾銷政策保護,上月已獲德國及奧地利有關當局就潛在股權收購之反壟斷批准,至周一(1日)再獲得波蘭競爭及消費者保護局批准,進展不俗。

涂建華指,再生行業的貨源最為重要,愈容易深入採購原材料,愈有機會得到最多貨。「德國本身是一個工業國家,有很多工業廢料或產品,Scholz於德國與某幾間車行都有長期合作,而Scholz有一個汽車拆解的工業料廠,其技術亦是我們收購的原因。希望可引進其先進技術、人才及經驗到中國,並且以打通整個採購、加工及銷售的產業鏈網絡,使集團最終成為全產業鏈企業。」

浙江新廠產能大增

按中國環保部門批准的混合廢金屬進口總量與混合廢金屬實際進口量計算,集團現時是最大的混合廢金屬再生商,而集團位於浙江台州的新廠房於3月正式投產,產能由原來約37萬噸增加至55萬噸。

吳健源指,「新廠房產能實際上仍有提升空間,即時翻一倍也不難,這取決於集團收購Scholz後的原材料供應量,不過肯定會較現時供應量多,所以新廠房產能可應對未來市場增長需求。」

[2016年8月1日,香港訊] 齊合天地(00976-HK) 新大股東—渝商投資集團控股去年入主後,今年便重拳出擊,投資了全球最大廢金屬回收商之一的德國企業Scholz;期間峰迴路轉,遇上國際基金強競對手,最後仍成功奪得Scholz,齊合天地董事長涂建華接受香港《財華社》專訪,揭齊合天地使出的絕招。 Read more

[2016年8月1日,香港訊] 齊合天地(00976-HK) 新大股東—渝商投資集團控股去年入主後,今年便重拳出擊,投資了全球最大廢金屬回收商之一的德國企業Scholz;期間峰迴路轉,遇上國際基金強競對手,最後仍成功奪得Scholz,齊合天地董事長涂建華接受香港《財華社》專訪,揭齊合天地使出的絕招。

據外電報導,這次收購Scholz ,除了齊合天地,還有美國KKR國際基金。KKR於今年6月底管理資產規模達1310億美元,二季度可分派收益達5.08億美元。面對強勁對手,齊合天地如何拆招?

迎接中國金屬再生市場「大爆發」機遇

涂建華介紹,去年入主齊合天地,因為看好這個再生資源行業。渝商已做好內地的部署,迎接中國今後金屬再生市場的「大爆發」機遇,隨著內地法律法規健全,環保健康意識提高,國家部門的重視,這行業將有很大發展前景。透過收購齊合天地,有助集團走向全球資源平台,齊合天地正迎著這股環保東風而起,收購德國逾百年歷史的德國Scholz,並藉此引進國際先進技術、人才、經驗,部署全球發展戰略。

齊合天地原計劃以增資擴股成為Scholz控股股東,得悉市場競爭激烈,Scholz還與國際基金簽訂獨家合作協議,Scholz 的歐洲債權銀行,也傾向與知名度更高的國際基金,齊合天地立即變陣。集團首席投資官吳健源表示,集團轉而直接向Scholz的20多家債權銀行商討,並進行大量思想工作,收購所持總值約5.24億歐元Scholz債務,以優先級債權人身份來控制公司,從而擊退對手。然後將所持債務豁免,並轉換為公司股份成為控股股東,又向Scholz提供8000萬歐元過橋貸款,為對方注入資金,有關交易將於今年底完成。這宗交易亦令齊合天地名聲四起,近期不少投資銀行、企業找上門,找他們合作收購,為他們提供不少投資選擇。不過他認為這樣的收購模式不易複制,要具備多項條件,包括被收購方債台高築,設有銀行託管制度等。

改以向Scholz債權人收購債務

Scholz 於歐美共有400個採購廢金屬點,2015年上半年業績,錄得虧損1400萬歐元,但除利息、稅務、攤銷、折舊前的盈利(EBITDA)為5600萬歐元,他強調虧損主要涉及債務利息及減值所致。收購後由於債務獲豁免,Scholz財務狀況將顯著改善;齊合天地將可省卻中間商環節,Scholz為集團提供直接貨源,節省成本;集團亦可以進運上游廢金屬原料供應領域,毛利率可達10、20%,較集團現時的加工廢料業務只有單位數毛利率要高;又可增加集團在其他採購貨源上的議價能力;齊合天地日後並會探討採購其他品種的廢金屬進行加工。現時集團主要在歐美採購舊摩打、電機等廢金屬,佔全球一半的採購量。

剛完成台州產能擴充

集團的產能亦剛完成擴充。集團常務副總裁泰永明介紹,位於浙江台州的新生產線剛於今年3月投產,令集團的廢金屬加工能力,由原來的37.5萬噸增加至55萬噸,升46.7%,應對未來市場增長需求。展望貴金屬價格走勢,他預期未來價格波動幅度收窄,經營環境有所改善;行業仍處於汰弱留強階段。

2015年集團的其他虧損類別錄得8.5億港元虧損,集團首席財務官官偉雄解釋,主要是前管理層進行期貨金融衍生工具引發虧損,以及可換股債券的減值所致。新管理層接手後已回復正常的期貨對沖活動,換股債減值亦告一段落,今年這方面情況會有所改善。至於齊合天地與持股1.77%的策略性股東伊藤忠商事的合作空間,他表示雙方已展開貿易業務往來,並正探討其他合作戰略合作機會。

記者: 周燕芬

http://www2.finet.hk/Newscenter/news_detail/579ea07fe4b040afaaea4293

 

[2016年8月1日,香港訊] 近月盛傳港交所(00388)收緊上市要求兼嚴打「啤殼」公司,去年中剛被併購的廢金屬再造商齊合天地(00976)主席涂建華透露,近期持續獲接洽, 但強調暫未有實際計劃,仍以發展主業為重。

涂建華稱,近期有不少投資機構及基金對其表示有興趣收購,「天天都在談,但是沒有實際的(結果),因為我們都在考慮哪個模式,基本上過一天兩天就一家。」

首席投資官吳健源則指出,公司仍處改造期,未有完全體現價值,重申「因為要體現價值,我們不想賤賣」。 Read more

 [2016年8月1日,香港訊] 近月盛傳港交所(00388)收緊上市要求兼嚴打「啤殼」公司,去年中剛被併購的廢金屬再造商齊合天地(00976)主席涂建華透露,近期持續獲接洽, 但強調暫未有實際計劃,仍以發展主業為重。

涂建華稱,近期有不少投資機構及基金對其表示有興趣收購,「天天都在談,但是沒有實際的(結果),因為我們都在考慮哪個模式,基本上過一天兩天就一家。」

首席投資官吳健源則指出,公司仍處改造期,未有完全體現價值,重申「因為要體現價值,我們不想賤賣」。

對於股票市場,涂建華形容中港兩地上市公司投資者中,「香港機構(股東)比較多,內地散戶比較多,一下就可以炒上去」;但他強調自己入場價較高「炒不上去」,因此希望靠提升業績換取回報。

上月齊合天地斥資約21億元買入德國同業Scholz約46.6億元債務,吳健源說,下一步可能以債換股,技術上可以達致全購,但詳細及比率仍須考慮,希望今年底前完成。

他指出,Scholz營業額約為齊合天地的6至7倍,形容收購為「蛇吞象」,而該公司主要業務為黑色及有色廢金屬再生,當中廢鋼由當地市場消化,亦受反傾銷政策保護,其餘有色金屬如銅、鋁才為重點,將視乎價格決定是否運回中國。

看好內地再生市場

吳健源說,拆解廢汽車中,一般有10%至15%為有色金屬,1噸銅已值約4800美元,較其餘廢鋼每噸約100美元值錢得多,往後亦會重點發展有色金屬再生;即使面對英國脫歐等不利因素,但對德國市場有信心。

涂建華表示,收購後齊合天地將變身為全產業鏈企業,指Scholz為百年品牌經驗豐富,短期可滿足原材料供應,長期亦有利輸入人才技術經驗;他認為,再生業於內地仍為新興行業,但處起步階段尚不成熟,今後會不斷引進相關技術,而內地相關法律法規日趨健全,加上人口龐大、政府及社會關注意識提高,因此看好內地市場發展。

 

Link from HKEJ : Download

Chiho-Tiande Group Limited (“Chiho-Tiande” or the “Group”) (Stock code: 976), a global leading mixed metal scrap recycler, is pleased to announce the completion of the acquisition of the rights and obligations under certain loan agreements and promissory notes of Scholz Holding GmbH (“Scholz Holding”), one of the biggest metal scrap recyclers in the world. The closing of the Debt Acquisition took place on 22 July 2016 (after trading hours), at the initial purchase price of EUR236 million (equivalent to approximately HK$2.1 billion) and part of the Closing Conditions Settlement Amount of approximately EUR4 million (equivalent to approximately HK$35.6 million). Through the Debt Acquisition, the Group become the largest debtholder of Scholz Holding, and will embark on a series of steps to prepare for the Potential Equity Acquisition in the near future. Read more

Chiho-Tiande Group Limited (“Chiho-Tiande” or the “Group”) (Stock code: 976), a global leading mixed metal scrap recycler, is pleased to announce the completion of the acquisition of the rights and obligations under certain loan agreements and promissory notes of Scholz Holding GmbH (“Scholz Holding”), one of the biggest metal scrap recyclers in the world. The closing of the Debt Acquisition took place on 22 July 2016 (after trading hours), at the initial purchase price of EUR236 million (equivalent to approximately HK$2.1 billion) and part of the Closing Conditions Settlement Amount of approximately EUR4 million (equivalent to approximately HK$35.6 million). Through the Debt Acquisition, the Group become the largest debtholder of Scholz Holding, and will embark on a series of steps to prepare for the Potential Equity Acquisition in the near future.

As disclosed in the announcement of the Group dated 20 July 2016, the Restructuring Agreement was entered into by the Group and Scholz Holding, pursuant to which Chiho-Tiande Resources Limited (“CTRL”) and Scholz Holding will enter into a debt waiver agreement on the Restructuring Closing Date, in which CTRL has agreed to irrevocably waive approximately EUR224 million (equivalent to approximately HK$2.0 billion) of the Debt (representing 42.75% of the original nominal amount of the Debt) and the relevant interest. The remaining outstanding nominal value of the Debt owed by Scholz Holding to CTRL after the partial waiver is approximately EUR300 million (equivalent to approximately HK$2.7 billion).

The Debt Acquisition is dedicated to allow the Group to restructure the financial situation and balance sheet of Scholz Holding in order to revitalize the sustainable going concern of Scholz Holding’s business and, thereby, gain access to upstream material supplies from the European markets, and to one of the best End-of-Life Vehicle dismantling and processing technology globally.

Since the minimum public float requirement under Rule 8.08(1)(a) of the Listing Rules is not satisfied, earlier on 15, February, 2016, the Company has made an application to the Stock Exchange for a temporary waiver from strict compliance with Rule 8.08(1)(a) of the Listing Rules for a period of three months which was granted by the Stock Exchange for a period from 15 February 2016 to 14 May 2016. The Company applied again later and the Stock Exchange granted an extension of the Waiver until 14 August 2016.

The Company was informed yesterday that Good Union Hong Kong Investment Limited transferred a certain amount of shares to an independent third party. This independent third party and its ultimate beneficial owner(s) are third parties independent of the Company and its connected persons.

After completion of this share transfer, the public float of the Company has been restored to at least 25% of the issued share capital of the Company in compliance with Rule 8.08(1)(a) of the Listing Rules.

(Hong Kong, 28 June 2016) – Chiho-Tiande Group Limited (“Chiho-Tiande” or the “Group”) (Stock code: 976), a global leading mixed metal scrap recycler, has today announced that the Sellers (certain lenders comprising financial institutions, international debt providers and funds)which have granted certain loans and promissory notes (“Debt”) to Scholz Holding GmbH (“Scholz”), one of the biggest metal scrap recyclers in the world, have accepted the Binding Offer under a Debt Purchase Agreement at the initial purchase price of EUR236 million (equivalent to approximately HK$2.1 billion).The Debt Purchase Agreement has become effective after trading hours on 28 June 2016.

Read more

Chiho-Tiande Announces the Acceptance of a Binding Offer for the Acquisition of the Debt ofScholz Holding GmbH

A Strategic Step to Prepare for Potential Acquisition
and Tap European Market

(Hong Kong, 28 June 2016) – Chiho-Tiande Group Limited (“Chiho-Tiande” or the “Group”) (Stock code: 976), a global leading mixed metal scrap recycler, has today announced that the Sellers (certain lenders comprising financial institutions, international debt providers and funds)which have granted certain loans and promissory notes (“Debt”) to Scholz Holding GmbH (“Scholz”), one of the biggest metal scrap recyclers in the world, have accepted the Binding Offer under a Debt Purchase Agreement at the initial purchase price of EUR236 million (equivalent to approximately HK$2.1 billion).The Debt Purchase Agreement has become effective after trading hours on 28 June 2016.

Chiho-Tiande Resources Limited (“CTRL”), the Group’s indirectly wholly-owned subsidiary, will acquire the Debt as purchaser, while the Group will remain jointly liable with CTRL for the obligations under the Debt Purchase Agreement. The initial purchase price represented a 55% discount to the nominal amount of EUR 524 million (equivalent to approximately HK$4.66 billion) and is payable on closing of the Debt Purchase Agreement. CTRL shall pay to the Sellers an additional EUR20.4 million (equivalent to approximately HK$181.56 million) in the event that EBITDA as set out in the annual audited consolidated financial statements for any of the years ending 31 December 2016 and 2017 of Scholz exceeds EUR100 million (equivalent to approximately HK$890 million). Furthermore, the Group will provide an additionalEUR20 million (equivalent to approximately HK$178 million) to Scholz which shall be used to settle the Austrian Bond and other payment obligations in connection with the closing conditions under the Debt Purchase Agreement prior to the completion of the Transaction.

In order to finance the immediate liquidity requirements of Scholz, the group will also provide a Bridging Loan, up to EUR50 million (equivalent to approximately HK$445 million), to Scholz on request.