announcement shows that after the preliminary work is completed, the company will formulate a specific divestiture plan based on the actual situation, and perform the decision-making process based on the specific transaction amount in accordance with relevant laws, regulations, normative documents and the company's articles of association, and will divest the plan and divestment-related matters. Submit it to the company's board of directors or shareholders' meeting for review, and perform information disclosure obligations in a timely manner.
It is reported that the overseas business of Sansheng Co., Ltd. is the wholly-owned subsidiary Sansheng Esai (Chongqing) Industrial Co., Ltd. established in Oromia Prefecture, Ethiopia, Africa in 2016, as well as two projects invested and constructed by the subsidiary. The holding companies Sansheng Pharmaceutical Co., Ltd. and Sansheng Building Materials Co., Ltd. are respectively engaged in the production and sales of raw materials, preparations, injections and other drugs, ready-mixed commercial concrete, concrete prefabricated parts and concrete admixtures, with a total investment of approximately 40 million. Dollar. At that time, it was to promote and implement the internationalization strategy, extend and expand the African market, and accelerate the industrial layout of the dual main businesses of "building materials chemical industry + pharmaceutical manufacturing".
Since the fourth quarter of 2021, there have been major changes in the environment of Ethiopia subsidiary and the market in which its assets are located; at the same time, the company has made large impairment provisions for overseas assets . In 2021, the net profits of Sansheng Building Materials and Sansheng Pharmaceutical were -43.1226 million yuan and -157 million yuan respectively.
The board of directors of Sansheng Co., Ltd. also decided to appoint Wang Sen as the company’s financial director. The resume shows that Wang Sen, male, Chinese nationality, born in October 1967, has no permanent residence abroad, has a bachelor's degree in mathematical statistics, and is an accountant. Wang Sen has been working at Oriental Huifu Investment Holdings Co., Ltd. since March 2015, responsible for project investment and fund management, and has been responsible for the company's financial management since June 2022.
Upstream News Reporter Liu Yong Intern Ang Wenfan
