The hottest Tianmao group terminated the additiona

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Tianmao group terminated the private placement due to serious overcapacity of methanol

while the company's share price hit a recent high, Tianmao group unexpectedly announced the termination of the private placement. Today, the company basically fell into pieces. The board of directors held on April 8 considered and passed the proposal on terminating the work of non-public development of stocks

in 2009, Tianmao group proposed a non-public offering plan: the company plans to issue no more than 200million shares and raise 950million yuan for the construction of 200000 t/a methanol project. This plan was reviewed and approved by the second extraordinary general meeting of shareholders in 2009 held on August 31, 2009

in September 2009, the State Council issued the notice on Several Opinions on curbing overcapacity and redundant construction in some industries and guiding the healthy development of industries. In 2009, the team has also taken a gratifying step in research and development. In October, the national development and Reform Commission and other ministries and commissions issued a plan to stop the approval or filing of new or simply expand the capacity of traditional coal chemical projects such as coke, calcium carbide, methanol, etc. in the past three years, fitlin said, to adjust the policy of the methanol industry and strictly control the construction of projects in methanol and other overcapacity drag up and down activity industries

due to the adjustment of national industrial policies, the "200000 t/a methanol project" obtained by Tianmao group is no longer in line with the current relevant national industrial policies. After careful study, the board of directors of the company decided to take the initiative to withdraw the materials of non-public offering of shares, and terminate the work of non-public offering of shares after the deliberation and approval of the general meeting of shareholders. On March 30, 2010, the company received the notice of termination of examination of administrative license application from CSRC

the board of directors said that in the next few years, the domestic methanol industry will be in a period of serious surplus. At the same time, after the development of recent years, the company has formed a production capacity of 500000 tons/year of dimethyl ether. In the process of purchasing methanol raw materials, it has established a good long-term and stable cooperative relationship with large methanol production enterprises around the company, which can ensure the supply of raw material methanol required for the production of dimethyl ether

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