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Due to the withdrawal of Shandong Hailong Co., Ltd., the "Proposal on Adjusting the Contribution of Aral Qing Songhai Longhua Co., Ltd." was reviewed and approved at the 19th meeting of the third board of directors of the company. Alaer Qingsong Hailong Chemical Co., Ltd. was renamed Alar Qingsong. Chemical Co., Ltd., with a registered capital of RMB 150 million, agreed to increase the company's capital contribution from RMB 81.60 million to RMB 97.50 million and the shareholding ratio to 65%. The other two party shareholders’ capital contribution and capital contribution ratio are as follows: Xinjiang Tarim Agricultural Comprehensive Development Co., Ltd. invested RMB 33.75 million and held 22.50% of shares; Qingdao Haijing Chemical Industry Group Co., Ltd. invested RMB 18.75 million and held 12.50% shares.
According to the announcement, after Alar Qingsong Chemical Co., Ltd. has an annual output of 300,000 tons of ion-exchange membrane caustic soda and supporting projects, it will become a new growth point for the company, and will have a long-term impact on the company's business expansion and future benefits.
After the completion of the investment, it involved new related party transactions. The related transaction was the sale of caustic soda and related products by Alar Qingsong Chemical Co., Ltd. to Alar New Agricultural Cotton Pulp Co., Ltd. held by Xinjiang Tarim Agriculture Comprehensive Development Co., Ltd. Increase competition in the industry.
Qingsong Construction Adjustment Investment Ratio Development Xinjiang Ion-exchange Membrane Caustic Soda Project
According to Xinjiang Qingsong Building Materials Chemical Industry (Group) Co., Ltd. held its 18th meeting of the Third Board of Directors on October 26, 2009, the “Proposal on Establishing Alaer Qingsong Hailong Chemical Co., Ltd.†was considered and passed. Evaded voting and agreed to establish Alar Qing Song Hai Long Chemical Co., Ltd. with Shandong Hailong Co., Ltd., Qingdao Haijing Chemical Industry Group Co., Ltd., and Xinjiang Tarim Agriculture Comprehensive Development Co., Ltd. with a registered capital of RMB 160 million, of which: Xinjiang Qingsong Building Materials Chemicals (Group) Co., Ltd. invested 81.60 million yuan, holding 51%; Shandong Hailong Co., Ltd. contributed 40 million yuan, holding 25% of shares; Qingdao Haijing Chemical Industry Group Co., Ltd. contributed 20 million yuan, holding 12.50% of shares; Xinjiang Tarim Agriculture Comprehensive Development Co., Ltd. invested RMB 18.4 million and holds 11.5% of its shares. The company is mainly responsible for building an annual output of 300,000 tons of ion-exchange membrane caustic soda and related projects. The first phase of the project is to produce 100,000 tons of caustic soda per year and supporting projects.