HONG KONG, CHINA - Media OutReach - 14 February 2017 - Yingde Gases Group Company Limited ("Yingde Gases", the "Group" or the "Company"; SEHK stock code: 02168) announces that the Chairman of the Group, Mr. Zhao Xiangti met with the Chairman, CEO and President of Air Products and Chemicals, Inc. ("Air Products"), Mr. Seifollah Ghasemi and his team in the Company's Shanghai office to update Air Products on the Company's recent business development and future plan.
Mr. Seifollah Ghasemi, Chairman, CEO and President of Air Products (left) and Mr. Zhao Xiangti, Chairman of Yingde Gases (right)
Yingde Gases announced that the Group has also established an independent board committee ("IBC") to discuss the arrangement of due diligence regarding the potential privatization proposed by Air Products (the "Offer"). The IBC chairman and members also attended the meeting with Air Products. The professional teams of both sides are now working closely and actively on the due diligence works. Air Products acknowledged the support from Yingde Gases's current management in respect of the due diligence, and was pleased to be in close touch with current management in respect of the potential Offer.
In addition, on 10 February 2017, the Company appointed Morgan Stanley Asia Limited as its financial advisor to assist the Company and the Boardin evaluating the Possible Offers and other potential strategic alternatives.
Mr. Zhao Xiangti, Chairman of Yingde Gases said, "On behalf of the Board of Directors, I would like to welcome the Chairman of Air Products, Mr. Seifollah Ghasemi, to visit Yingde Gases and to understand our company's business operation and future plan. I would like to thank Air Products' support to our current management. Our meeting has yielded a consensus about how to cooperate. Both sides agreed to explore business cooperation, communicate closely as well as do their best to do the due diligence regarding the Offer. The management always bear the interests of the shareholders and the Company's long term sustainability in mind and dedicates itself to realizing the Company's true investment value and maximizing returns for the shareholders."