Gansu Ruixinyuan Import and Export Trading Co., Ltd. and Qingyang Longdong Agricultural & Sideline Products Group Co., Ltd. signed an equity transfer agreement to acquire 2.66% stake in Bank of Lanzhou Co., Ltd. from Ning Xia Xin Ri Heng Li Steel Wire Rope Co., Ltd. for approximately CNY 170 million.
March 03, 2014 at 11:00 pm EST
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Gansu Ruixinyuan Import and Export Trading Co., Ltd. and Qingyang Longdong Agricultural & Sideline Products Group Co., Ltd. signed an equity transfer agreement to acquire 2.66% stake in Bank of Lanzhou Co., Ltd. from Ning Xia Xin Ri Heng Li Steel Wire Rope Co., Ltd. (SHSE:600165) for approximately CNY 170 million on March 3, 2014. Gansu Ruixinyuan Import and Export will acquire 40 million shares for CNY 100.8 million and Qingyang Longdong Agricultural & Sideline Products will acquire 28.2 million shares for CNY 71.06 million. The consideration is to be paid as 5% within 3 days upon the signing of the equity transfer agreement and balance within 2 weeks upon the approval of shareholders of Ning Xia Xin Ri Heng Li Steel.
The transaction is subject to approval by shareholders of Ning Xia Xin Ri Heng Li Steel Wire Rope. The transaction was approved unanimously by Board of Directors of Ning Xia Xin Ri Heng Li Steel Wire Rope on March 4, 2014. As of March 20, 2014, the transaction was approved by the shareholders of Ning Xia Xin Ri.
Bank of Lanzhou Co Ltd is a China-based company mainly engaged in corporate banking business. The Company's businesses also include personal banking business, capital business and other businesses. The corporate banking business mainly includes deposit, settlement, cash management, fixed asset loan, working capital loan, bill discount, acceptance bill, factoring, international business, investment banking, corporate financial management, guarantee and commitment, financial technology and entrusted loan and others. The personal banking business mainly includes demand savings and time savings, large certificates of deposit, personal call deposits and others. The capital business mainly includes short-term capital transactions, inter-bank transactions, investment in fixed income products, various bond investments and others.
Gansu Ruixinyuan Import and Export Trading Co., Ltd. and Qingyang Longdong Agricultural & Sideline Products Group Co., Ltd. signed an equity transfer agreement to acquire 2.66% stake in Bank of Lanzhou Co., Ltd. from Ning Xia Xin Ri Heng Li Steel Wire Rope Co., Ltd. for approximately CNY 170 million.