The transaction, which qualifies as a related transaction, will be completed after approval by the Group's independent shareholders and both parties to the Agreement satisfactorily meet all terms and conditions of the transaction. The Group expects that the transaction will result in relatively reliable energy supply and improve energy cost control.
Weiqiao Textile is located in Shandong, China's second largest cotton producing province. The Group has four production bases in Weiqiao, Binzhou, Weihai and Zouping and employs more than 150,000 people. In the first half of 2005, the Group produced 296,000 tonnes of cotton yarn, 687 million meters of grey fabric and 59 million meters of denim.
During the past ten years, the Group developed large-scale production capabilities by capitalizing on China's rapid economic growth. It has achieved strong positioning in the global textile markets by employing advance technology in state-of-the-art facilities.
Weiqiao Textile Company Limited
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