June 2 -- Anhui Fangxing Science and Technology (600552) obtained the green light from the China Securities Regulatory Commission for its restructuring, reports 163.com, citing a company filing.

According to its restructuring plan, the company will swap the assets and liabilities of its float glass business for a 60 percent stake in Bengbu Zhongheng New Materials Scientific and Technological, a 100 percent stake in Bengbu Huayang Powder Technology, a 100 percent stake in Bengbu China Triumph Electronic Materials, and the companies' related land use rights and properties, all of which were previously held by Bengbu Glass Industry Design and Research Institute.

Bengbu Glass Industry Design and Research Institute is a wholly-owned subsidiary of China National Building Materials Group Corporation, the effective controller of Anhui Fangxing Science and Technology.

The transaction thus constitutes a related-party transaction.

Upon the completion of the transaction, the main business of Anhui Fangxing Science and Technology will be changed to that of the production of ITO coated glass and new materials.

The company forecasts revenue of 703 million yuan in 2011.

Source:CapitalVue