Yaohua Glass

completed

The project is to privatize and re-establish the financial viability of Ching Yaohua Glass Group Corporation (Yaohua) headquartered in QinhuangDao (QHD), Hebei province, North-East of China - and Qinhuangdao Beifang Glass Group Co.,Ltd. (Beifang), Yaohua''s sister glass company located in the same city. Yaohua has also operations in Shenyang, capital city of Liaoning province. This privatization involves: - the closing down, due to environment concerns, of six old and polluting float glass lines located in an urban area of the city of QHD and rebuilding in an industrial zone located in the city suburbs, 8 modern and more energy efficient lines; and- a spin-off of non-glass activities and the consolidation of all the float glass operations of the two companies; - a staff retrenchment program accompanied by an adequate compensation package; and - strengthening the balance sheets of Yaohua and Beifang. NOTE: Yaohua refers to the China Yaohua Glass Group Corporation that has fulfilled the strategic withdrawal from the domestic listed vehicle.