Xinjiang Talimu Agriculture to see ownership transfer

Xinjiang Talimu Agriculture Development Co., Ltd. announced a transfer of a 40.32% stake, or 153,815,575 shares, from Alar City State-owned Capital Investment and Operation Group Co., Ltd. to Xinjiang Talimu Agriculture Reclamation Group Co., Ltd. This move, approved by the First Division State-owned Assets Supervision and Administration Commission, will make Xinjiang Talimu Agriculture Reclamation Group Co., Ltd. the new controlling shareholder. The effective date for the transfer is December 31, 2024.

Despite the change in direct control, the ultimate actual controller of Xinjiang Talimu Agriculture Development Co., Ltd. remains unchanged as the First Division State-owned Assets Supervision and Administration Commission. Xinjiang Talimu Agriculture Reclamation Group Co., Ltd. has pledged to uphold the independence of the listed company across all operational aspects and has no plans for major adjustments to the company's core business, assets, or management within the next 12 months.

Xinjiang Talimu Agriculture Reclamation Group Co., Ltd. was established on June 6, 2024, and its primary business activities include cotton, vegetable, flower, fruit, and nut cultivation, along with agricultural product processing and logistics. This gratuitous transfer of state-owned equity does not involve a cash payment, aligning with exemption criteria from a full tender offer.