Supor founder intends to withdraw 1.3 billion yuan from foreign companies will fully take over

Yesterday, Supor announced that the company’s major shareholder, SEB, has reached an agreement with Supor Group, the second largest shareholder, and Su Zengfu, the founder of Supor, the third largest shareholder, to acquire the 20% Supor shares held by Supor Group and Su Zengfu. After completion, SEB will become the company's absolute controlling shareholder with a 71.31% shareholding. It is reported that the transfer price of the agreement is RMB 30 per share. After the completion of this agreement transfer, Su Zengfu will no longer hold any shares in the listed company and withdraw from Supor.

According to public information, the shares of the Supor Group account for 12.17% of Supor’s existing total share capital; Su Zengfu’s transfer of shares represents 7.83% of Supor’s existing total share capital.

In January 2008, SEB Corporation had held 51.31% shares of Supor by means of agreement transfer, private placement, and tender offer. Subsequently, the company’s founder, Su Zengfu, continued to reduce Supor shares in the secondary market. The market has long heard that Su Zengfu’s withdrawal is only a matter of time. If the transfer is completed, Su Zengfu’s personal wealth will increase by at least 1.3 billion yuan.

Industry economic observer Liang Zhenpeng believes that this announcement means that Supor, once the largest domestic manufacturer of cooking utensils, is now truly “degenerate” as a Chinese subsidiary of France’s home appliance giant SEB. It is estimated that within a few years, SEB will likely have strong funds. And the technical strength monopolizes the domestic cooking equipment market, which has caused a fatal blow to domestic domestic cooking equipment manufacturing brands.