Foshan Plastics' Majority Shareholder to Change    

Foshan Plastics Group Co., Ltd. (Foshan Plastics, SZ: 000973) announced on June 18 that its current majority shareholder Foshan Plastics Industry-Trade Group Co., Ltd. has agreed to sell the whole stake of 20.78% in Foshan Plastics to Guangdong Foreign Trade Group Co., Ltd., for a cash consideration of RMB619 million, thereafter the latter becoming the controlling shareholder.
  Guangdong-based Foshan Plastics, a leading plastic products maker in China, engages in plastic film, packing material, artificial leather, plastic weave products, construction and decorating material and functional polymer material to meet the demand in agriculture, traffic, communication and construction industries.
   The company posted the Q1 operating revenue of RMB787 million, down 33.8% year-on-year, and a net loss of RMB29 million, compared with net profit of RMB4.5 million in Q1 prior year.
   The new comer Guangdong Foreign Trade Group Co., Ltd. says to restructure Foshan Plastics' businesses and cut its working cost in order to increase its profit-making ability.