Qingdao Huanghai Rubber Group Co., Ltd. cancelled the acquisition of Qingdao Yellow Sea Rubber Co., Ltd. from Aeolus Tyre Co., Ltd..
December 02, 2019
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Qingdao Huanghai Rubber Group Co., Ltd. agreed to sign equity and creditors’ right transfer agreement to acquire Qingdao Yellow Sea Rubber Co., Ltd. from Aeolus Tyre Co., Ltd. (SHSE:600469) for approximately CNY 390 million on December 3, 2018. Debt of CNY 308.5 million of Qingdao Yellow Sea Rubber Co., Ltd. owed to Aeolus Tyre Co., Ltd. is being transferred as part of the deal. Payment will be done in one single installment within 5 day since signature of the respective agreement. For the year ending December 31, 2017, Qingdao Yellow Sea Rubber Co., Ltd. reported operating revenue of CNY 376.5 million and net loss of CNY 171.1 million. As of year ending December 31, 2017, Qingdao Yellow Sea Rubber Co., Ltd. reported total assets of CNY 385.9 million and net liabilities of CNY 213.8 million. The deal does not need theapproval of shareholders of Aeolus Tyre Co., Ltd. The transaction has obtained prior approval by the independent Board of Directors and the written review opinions of the audit committee of Aeolus Tyre Co., Ltd. The deal was approved by the 11th meeting of the 7th directorate of Aeolus Tyre Co., Ltd. on December 3, 2018.
Qingdao Huanghai Rubber Group Co., Ltd. cancelled the acquisition of Qingdao Yellow Sea Rubber Co., Ltd. from Aeolus Tyre Co., Ltd. (SHSE:600469) on December 3, 2019.
AEOLUS TYRE CO., LTD. is a China-based company, principally engaged in the manufacture and distribution of tires and tire-related raw materials. The Company provides tires applied in trucks and passenger cars and engineering machinery under Fengshen, Henan, Shuangxi and Huanghai brands. The Company's products include cross-ply tires, radial tires and passenger tires. The Company distributes its products within domestic markets and to overseas markets.