S*ST Tianyi note Sanan group 800 million LED assets

The proposed in S*ST north-teny and private placement related to a total of 5 motion was rejected, S*ST Tianyi potential controlling shareholder of Fujian Sanan group is a worry. Today, S*ST Tianyi announced that the group will be three which is a subsidiary of Xiamen Sanan Electronics Co. Ltd. has LED class operating assets, entrusted to the company management. According to the agreement, the main contents include hosting, LED class operating assets 3-an electronic will be owned by the management of listed companies, listed companies have the right to allocate enough qualified assets, familiar with LED professional personnel stationed in the target location of assets, execute 3-an electronic instructions, shall not unilateral use or dispose of trust, net profit by hosting hosting fees generated by the assets of 15% charged. Hosting period from March 12, 2008 to the two sides signed the "asset purchase agreement" the effective date of expiration, as in December 31, 2008, the two sides signed the "asset purchase agreement" is not yet effective, the escrow period to expire in December 31, 2008. The total assets of three e-owned with production and sales of LED wafer and chip are closely related to the assessment of the value of 800 million 400 thousand yuan of operating assets. S*ST Tianyi will acquire and have complete and sufficient ownership of the target assets in accordance with the law, with all necessary rights and authorization to own, operate and dispose of its target assets. Before the, once the market rumors, the Jingzhou municipal government to help COFCO reorganization of Tianyi S*ST. S*ST Tian Yi said that the transaction has no adverse impact on the company's operations and assets, help to improve the company's capital operations, improve the company's ability to resist risks. In October of last year, Sanan group launched in restructuring bundled programs at the same time, also make a commitment to performance, ensure that after the reorganization of Tianyi S*ST to ordinary shareholders of the listed company's monthly net profit of not less than 8 million yuan, net profit in 2009 attributable to ordinary shareholders of listed companies net profit of not less than 120 million yuan. In 2010 attributable to ordinary shareholders of listed companies is not less than 150 million yuan. Data show that S*ST is the full name of Hubei Tianyi Tianyi Polytron Technologies Inc, the predecessor of Shashi power Limited by Share Ltd, the production of the "top" washing powder in the last century, the 80s wind is very slow. But in the middle of 90s, due to industry blind diversification and the local government will not transfer over a number of benefits of the enterprise, resulting in power in 1994 reached nearly one hundred million of bad debts.

Source: Daily Economic News