Fu Neng Shares (600483): 1 Billion 531 Million Yuan To The Fortune Group To Buy 10% Stake In Ningde Nuclear Power

600483.SH announces that the company intends to buy the 10% stake in Ningde nuclear power from the company's purchase of assets by issuing shares.

According to the "assets assessment report" issued by Fujian Zhongxing and Fujian provincial SASAC (AE30017), in March 31, 2019, the estimated value of the 10% stake of Ningde nuclear power is about 1 billion 732 million yuan on the basis of evaluation date for March 31, 2019. The Ningde nuclear power company has allocated 2018 yuan of profits for the year after the assessment base date, and the group received 201 million yuan from the Ningde nuclear power 2018 in the year of 2018. After consultations between the two sides, the transaction price of 10% stake in Ningde nuclear power was about 1 billion 531 million yuan.

The company intends to issue shares to Fu Neng group at a price of 7.59 yuan / share of about 201 million 670 thousand shares of common stock to buy 10% stake in Ningde nuclear power (the amount of less than one share after the share price is divided by the issue price, without the need for Fu Neng share payment).

The implementation of the issue of shares to buy assets, the company will directly hold 10% stake in Ningde nuclear power.

The company's main business is power supply, heating and textile products production and sales, of which power supply is the main source of corporate profits. By the end of 2018, the size of the company's loading and unloading machine was 4 million 841 thousand kilowatts, of which 47.20% of clean energy installed capacity. The underlying assets of the transaction are 10% stake in Ningde nuclear power. The main business of Ningde nuclear power is the production and sale of electric products, which is consistent with the main business scope of the company and has significant synergy with the company in main business. As of the date of issuance of this report, Ningde nuclear power has built 4 nuclear power generating units, with a total installed capacity of 4 million 356 thousand kilowatts. The net profit of Ningde nuclear power in 2017, 2018 and 2019 1-3 is about 1 billion 648 million yuan, 2 billion 234 million yuan and about 456 million yuan respectively. The transaction will increase the company's equity scale, asset size and net profit, and enhance the overall quality of the company.

After the completion of the transaction, the main business of the company will not change. The company is still in the main business of power supply, heating and textile products production and sales, and has the corresponding continuous operation capability.