The largest mixed metal scrap importer and processor in China
After several years of earnest evaluation of opportunities to enter the physical recycling arena on Mainland China and in Hong Kong, in January 2012, Sims Metal Management acquired a significant minority holding in Hong Kong listed and fast-growing metals and electronics recycler, Chiho-Tiande Group (CTG). CTG is the largest mixed metal scrap importer and processor in China with operations in the People's Republic of China (PRC) and Hong Kong.
The Company acquired 16 percent of the existing shares of CTG from founder Chairman Ankong Fang and Delco Participation B.V. (Delco), a Netherlands-based scrap metal company. Delco has granted an option to Sims Metal Management to acquire a further two percent of CTG. In addition, subject to approval by CTG’s independent shareholders, SimsMM will subscribe for a convertible bond and be issued warrants. After all instruments are exercised or converted, SimsMM expects to hold 20 percent of the fully diluted issued capital of CTG.
CTG operates three core businesses: a metal recycling business, foundry business and wholesale scrap metal brokerage business. CTG has expanded into domestic ferrous and non-ferrous scrap metal recycling in Shanghai and, in addition to its main processing facilities in Taizhou and Ningbo, CTG recently announced further expansion plans to Yantai on the Bohai Coast and Hong Kong with new metals and electronics recycling facilities.
For more information, visit: www.chiho-tiande.com.