China: Regional Tobacco Industries Realize Inter-Provincial Association, Reorganization

Source from:  TobaccoChina Online 10/21/2009

Heilongjiang Tobacco Industry Co., Ltd. in northeast China's Heilongjiang Province recently held its first general meeting of shareholders for 2009, which doubled as the first session of its second Board of Directors and Board of Supervisors, signifying smooth completion of the process of its inter-provincial association and reorganization with Hubei Provincial China Tobacco Industry Corporation in central China's Hubei Province. This development means that the tobacco industry of China has taken yet another new step in realizing inter-provincial association and reorganization. After the association and reorganization, the corporate name of Heilongjiang Tobacco Industry Co., Ltd. will remain unchanged, and the shareholders in it will be China Tobacco Industry Development Center and Hubei Provincial China Tobacco Industry Corporation, with the former taking a controlling 65 percent stake in it, and with the latter taking 35 percent of the shares in it. Hubei Provincial China Tobacco Industry Corporation, taking advantage of its national-level key leading cigarette brands, has played positive roles in the reform of the structure of cigarette brands and in the research and development of new cigarette products in China over recent years. Enditem