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·Guizhou tires old factory area terminated relocation
On April 10, Guizhou Tire Co., Ltd. stated that it terminated the “Monetary Compensation Agreement for the Overall Relocation of Housesâ€.
The agreement was signed in March 2017, and both parties are Guizhou Tire and Guiyang Yunyan Industrial Investment Development Co., Ltd.
According to the compensation agreement, the tire manufacturer moved the company's old factory area as a whole.
Guizhou Tire said that the company decided to terminate the relocation due to two reasons.
On the one hand, its Vietnam factory project is more important than other projects, and the investment is large and time is tight.
This led to the delay in the relocation of the remaining all-steel radial truck tire capacity in the old factory area of ​​Guizhou Tire, as well as the boiler power and other equipment for the production line, which prevented the land from being delivered as scheduled.
On the other hand, due to the overall development and construction of Guiyang City, the value of land around the old factory area of ​​the company has increased significantly.
Guizhou Tire said that the termination of relocation is conducive to achieving asset appreciation and safeguarding the interests of shareholders and employees.
It is understood that the company has completed negotiations with Yunyan Investment and Investment Co., Ltd. and officially signed the "Contract Dissolution Agreement" on April 9, 2018.
Affected by this, Guizhou Tire converted the loss of RMB 170 million into operating expenses in the 2017 financial statements, and the annual results showed a large loss.