#FFHL Low float alert! Only 13m shares!
Fuwei Films Announces Receipt of Notice of Proposed Public Auction of Controlling Interest
BEIJING, Aug. 14, 2013 /PRNewswire via COMTEX/ -- Fuwei Films (Holdings) Co., Ltd. (NASDAQ: FFHL, "Fuwei Films" or the "Company") 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.
