Yongjin CORP terminated investment in Indonesian stainless steel project
Source: Yongjin CORP Time:2023-06-02
There is a stainless steel news recently. On June 1, Yongjin CORP issued an announcement by Zhejiang Yongjin Metal Technology Co., Ltd. on the termination of investment in Indonesian stainless steel projects and the progress of foreign investment.
Zhejiang Yongjin Metal Technology Co., Ltd. held the thirteenth meeting of the fifth board of directors and the first extraordinary general meeting of shareholders in 2022 on January 11, 2022 and February 9, 2022, respectively. The associated party Zhejiang Qingzhan Industrial Co., Ltd. jointly invested in the establishment of Yongjin Metal Technology (Indonesia) Co., Ltd. in Indonesia, and the relevant proposals for the project of processing 700,000 tons of wide-width cold-rolled stainless steel strips per year.
On October 4, 2022, Zhejiang Yongjin Metal Technology Co., Ltd. completed the industrial and commercial registration procedures in Indonesia. So far the project has not started. Affected by relevant factors such as industrial policy, trade policy and market demand, after friendly negotiation with the joint venture party, the two parties jointly decided to terminate the investment in the Indonesian stainless steel project and agreed to cancel the Indonesian Yongjin Company.
On June 1, 2023, as reviewed and approved at the 38th meeting of the fifth board of directors of Zhejiang Yongjin Metal Technology Co., Ltd., it is planned to terminate the investment and construction of stainless steel projects in Indonesia, and agree to cancel the Indonesian Yongjin Company, and at the same time authorize Yongjin The management layer of Gold Shares will go through relevant follow-up procedures.
Yongjin CORP stated that the company has reached an agreement with the other party to terminate the Indonesian stainless steel project investment agreement signed in the early stage, and the management will determine the specific termination method according to the actual situation, which does not involve the breach of contract by all parties and the liability for breach of contract.