China Fiberglass terminates the acquisition of Jushi Group

The proposal of China Fiberglass Co., Ltd. (CFG) to acquire Jushi Group Co., Ltd. has not completed during the expiry date of General Meeting.

China Fiberglass on December 29 has announced that as the company could not get all the approvals for the proposal, the related resolutions expire automatically.

As early as the beginning of 2008, China Fiberglass released its proposal for the acquisition. According to the proposal, China Fiberglass acquires the whole Jushi Group by exchange of shares at the price of 17.97 yuan per share. Before the exchange, China Fiberglass has owned 51% of Jushi Group. If it succeeds, China Fiberglass will add 177.004 million shares.

Jushi Group is one of the largest and the most profitable glass fiber manufactures in China. it is evaluated that the 49% of shares rest is worth 3,180,761,500 yuan.