Tisco stainless steel decided to terminate the acquisition of Linyi Xinhai New Materials

On June 20, 2020, the Board of directors of TiSCO deliberating and approving the Proposal on the termination of the Company's Major Asset Reorganization and decided to terminate the acquisition of 51% of the shares of Linyi Xinhai New Materials Co., LTD.

Taigang stainless said, after full consultation and careful study, given the valuation of the parties to the transaction and assets range there are major differences, and considering the target company and the present condition of the listed company's cooperation, and the dealing party subsequent arrangement, the electricity business to nickel for the interest of the company all the shareholders and the company, with the dealing party after friendly consultation, the company decided to terminate the material assets reorganization.

Since the acquisition was first announced in April 2018, TISCO has been actively organizing and promoting the work of all parties concerned. In the process of promotion, TISCO has fully reported and communicated with the state-owned assets supervision and administration department, discussed with relevant parties of the transaction for many times, and demonstrated the transaction scheme for many times.