Weifang Financial Holding Group signed an agreement to acquire 6.16% stake in Shandong Tongda Island New Materials Co.,Ltd. from Shandong Tongda Group Co., Ltd. for approximately CNY 160 million.
July 09, 2022
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Weifang Financial Holding Group signed an agreement to acquire 6.16% stake in Shandong Tongda Island New Materials Co.,Ltd. (SZSE:300321) from Shandong Tongda Group Co., Ltd. for approximately CNY 160 million on July 10, 2022. Weifang Financial signed Supplementary Agreement to the Share Transfer Agreement to acquire 6.16% stake in Shandong Tongda Island New Materials from Shandong Tongda on July 22, 2022. Under the terms of the supplementary agreement, within 5 working days from the date when the transfer of the underlying shares is registered in the name of Weifang Financial, shall pay 20% of the transfer price of the underlying shares, that is, CNY 32.83 million. As part of the transaction, Weifang Financial will acquire 5,471,394 shares of Shandong Tongda Island New Materials Co.,Ltd. at CNY 30 per share. Post completion, Weifang Financial Holding Group and Shandong Tongda Group Co., Ltd. will hold 12.76 million shares (14.38% stake) and 16.41 million shares (18.48%) stake respectively.
Shandong Tongda Island New Material Co Ltd is a China-based company principally engaged in the research, development, manufacturing, and sales of ultra-fiber man-made leather. The Company's main products include ultra-fiber suede leather, ultra-fiber smooth leather, ultra-fiber base fabric, and others. The Company's products are mainly used in footwear, sofa, home furnishings, sporting goods, engineering decorations, automotive interiors, handbags, cases, and apparels, among others. The Company distributes its products in the domestic market and to overseas markets.
Weifang Financial Holding Group signed an agreement to acquire 6.16% stake in Shandong Tongda Island New Materials Co.,Ltd. from Shandong Tongda Group Co., Ltd. for approximately CNY 160 million.
SHANDONG TONGDA ISLAND NEW MATERIALS CO.,LTD. 
