Joint-Stock Leaf Tobacco Redrying Company Inaugurated in South Central China

Source from:  Chenzhou City 09/15/2005

Chenzhou Tiantai Leaf Tobacco Redrying Co., Ltd. in south central China's Hunan Province - a joint-stock leaf tobacco redrying enterprise incorporated on the basis of conversion of the former State-run Chenzhou Leaf Tobacco Redrying Factory - was inaugurated on September 15, with the approval of the State Tobacco Monopoly Administration (STMA). Chenzhou Tiantai Leaf Tobacco Redrying Co., Ltd. has been incorporated with investment from four entities - Shanghai Tobacco Group, Guangdong General Cigarette Factory, Changsha Cigarette Factory and Chenzhou City Tobacco Company. Specifically, Chenzhou City Tobacco Company has offered 111.2207 million yuan (13.4 million U.S. dollars) worth of realities, accounting for 68.98 percent of the investment; Shanghai Tobacco Group and Guangdong General Cigarette Factory each 20 million yuan (2.4 million U.S. dollars) in cash, each 12.41 percent; and Changsha Cigarette Factory 10 million yuan (1.2 million U.S. dollars), 6.2 percent. Attending the inaugural ceremony were more than 100 dignitaries from all walks of life, including leaders or representatives from the STMA, Hunan Provincial Tobacco Monopoly Administration, Chenzhou City Municipal Government, the four shareholders, other tobacco manufacturing enterprises and tobacco machinery manufacturing enterprises. Enditem