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Fuwei Films (Holdings)
announced today that it has
received a notice from its controlling shareholder, the Weifang State-owned
Assets Operation Administration Company, a wholly-owned subsidiary of
Weifang State-owned Asset Management and Supervision Committee
(collectively, the "Administration Company") indicating that the
Administration Company has determined to place control over 6,912,503 (or
52.9%) of its outstanding ordinary shares up for sale at a public auction to
be held in The People's Republic of China ("PRC").
These shares are currently held indirectly through an intermediate holding
company, Apex Glory Holdings Limited ("Apex Glory"), all of whose shares are
the subject of the public auction, and the indicative target price for the
first auction is RMB218,746,600 (approximately US$35.7 million) or
approximately US$5.16 per ordinary share of Fuwei Films held by Apex Glory.
The auction regarding Apex Glory is to be held on August 27, 2013 and will
be run by Shandong Jialian Auction Co., Ltd. and Shandong Outstanding
Auction Co., Ltd.
Fuwei Films expects to follow the change in control resulting from the
public auction process closely and will provide relevant updates to the
market as soon as the results are known in the PRC.
About Fuwei Films
Fuwei Films conducts its business through its wholly owned subsidiary, Fuwei
Films (Shandong) Co., Ltd. ("Fuwei Shandong"). Fuwei Shandong develops,
manufactures and distributes high-quality plastic films using the biaxial
oriented stretch technique, otherwise known as BOPET film (biaxially
oriented polyethylene terephthalate). Fuwei Films' BOPET film is widely used
to package food, medicine, cosmetics, tobacco, and alcohol, as well as in
the imaging, electronics, and magnetic products industries.
Safe Harbor
This press release contains information that constitutes forward-looking
statements made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 and are subject to risks. Risk
factors that could contribute to such differences include those matters more
fully disclosed in the Company's reports filed with the U.S. Securities and
Exchange Commission which, among other things, include both the short and
long-term effects of the global financial crisis on the Company and the
BOPET film industry; competition in the BOPET film industry; growth of, and
risks inherent in, the BOPET film industry in China; uncertainty as to
future profitability and our ability to obtain adequate financing for our
planned capital expenditure requirements; uncertainty as to our ability to
continuously develop new BOPET film products and keep up with changes in
BOPET film technology; risks associated with possible defects and errors in
our products; uncertainty as to our ability to protect and enforce our
intellectual property rights; uncertainty as to our ability to attract and
retain qualified executives and personnel; and uncertainty in acquiring raw
materials on time and on acceptable terms, particularly in view of the
volatility in the prices of petroleum products in recent years. The
forward-looking information provided herein represents the Company's
estimates as of the date of the press release, and subsequent events and
developments may cause the Company's estimates to change. The Company
specifically disclaims any obligation to update the forward-looking
information in the future. Therefore, this forward-looking information
should not be relied upon as representing the Company's estimates of its
future financial performance as of any date subsequent to the date of this
press release. Actual results of our operations may differ materially from
information contained in the forward-looking statements as a result of the
risk factors.
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