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Sims Metal Management Purchases 16% Stake in Chiho-Tiande Group

Chiho-Tiande Group is a Hong Kong-based recycler boasts of being China's largest importer of mixed scrap metal.


e-waste workers - Bo2W project Chiho-Tiande, China
– step-initiative.org
Sims Metal Management Ltd. (SMM) is reported to have made a purchase of 166,696,754 shares in Chiho-Tiande Group Ltd. a Hong Kong-based recycler with operations in China and Hong Kong. This purchase equates to a 16% minority holding of the existing issued share capital of the Company. SMM has been granted an option by Delco, subject to agreement conditions, to acquire a further 20,837,095 shares, representing a another 2% of the company.

Chiho-Tiande Group Ltd. is a Mixed Metal Scrap recycler specialized in recycling, reuse and processing of mixed metal scrap. The Group specializes in the recycling and processing of imported mixed metal scrap. The business operations of Chiho-Tiande Group Ltd. are broadly classified into three categories: metal recycling business, foundry business, and a wholesale scrap metal brokerage business. The Group is the largest Mixed Metal scrap recycler in China in terms of the total import volume for Mixed Metal Scrap approved by the MEP and the actual import volume of Mixed Metal Scrap.

In a press release, Daniel Dienst, Sims Group Chief Executive Officer said: “After several years of earnest evaluation of opportunities to enter the physical recycling arena on Mainland China and in Hong Kong, we have identified CTG as among the most exciting and attractive companies that will define and shape the nascent Chinese recycling landscape. Through our investment and partnership, we are validating not only CTG’s extraordinary growth prospects under the vision of Chairman Fang and his leadership team but, as importantly, the shared cultures of our two companies manifested in unwavering commitments to creation of long-term shareholder wealth, the safety of our valued employees and the health of the environment and communities in which we operate and locate. CTG, as a long-standing trusted and honorable trading partner of SMM, made this investment decision that much more compelling.”

Chiho-Tiande company Chairman Mr. Fang Ankong said: “As the largest mixed metal scrap importer and processor in China, we are always exploring opportunities to grow, both within China and worldwide. SMM has been one of our major suppliers for a number of years, and, given SMM’s global reach and customer network, advanced technologies and solutions in the metals and electronics recycling industry, the proposed strategic collaboration with SMM will add significant value and expertise and complements our group.”

“I believe that SMM, the industry leader, becoming a significant minority shareholder, shows a strong recognition of our group’s competitiveness and achievements,” Fang continues. “I look forward to continuing to lead our company and the opportunity to work with a world-class management team under the leadership of Daniel Dienst and particularly Michael Lion, who will become a member of our board upon the successful completion of the transaction.”

Michael Lion, chairman of SMM Asia Ltd. and SMM’s nominee to the CTG board, says, “The complementary expertise of SMM’s global trading reach, material recovery technology and rigorous controls married to CTG’s exceptional leadership and fast-growing presence in the China and Hong Kong recycling space provides a transformational platform for our partnership. As the domestically generated volumes of recyclable nonferrous and ferrous metals and electronics continues to grow, SMM’s and CTG’s shared vision of building a leading best-practices position in China together is an extraordinary and exciting opportunity. I am honored to be designated to serve.”