Guangdong Silk Corporation (Group) on June 24, 2007 confirmed its plan to restructure the "Hunan-based Silk Group Company", whose stake is jointly held by the Guangdong-based company, Hunan Provincial State-owned Assets Supervision and Administration Commission and employees of Hunan Provincial Silk Import and Export Co. Ltd.
In March 2007, the Guangdong-based giant bought a 50% stake in the import and export company and the commission and those employees held the 28% and 22% stakes respectively.
Besides, the Guangdong-based company is likely to brew the listing of one of its mature subsidiaries during the restructuring period, disclosed its chairman Cai Gaosheng in an interview.
The import and export company, founded 1984, takes a leading position in Hunan’s silk industry, mainly engaged in the cocoon, silk, textile, garment, light industry, craftwork and mechanical equipment.
The Guangdong company, one of the twenty large state-owned companies authorized by the Guangdong provincial government, achieved import and export value of USD 2.33 billion in 2006.
