Bethel Automotive Safety Systems Co., Ltd agreed to acquire the remaining 51% stake in Weihai Sabo Automotive Safety System Co., Ltd. from Sakthi Automotive Group USA Inc. for CNY 2.5 million ($0.4 million).
April 08, 2021
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Bethel Automotive Safety Systems Co., Ltd (SHSE:603596) signed the equity transfer agreement to acquire the remaining 51% stake in Weihai Sabo Automotive Safety System Co., Ltd. from Sakthi Automotive Group USA Inc. for CNY 2.5 million ($0.4 million) on April 7, 2021. Following the completion of the transaction, Weihai Sabo Automotive Safety System Co., Ltd. will become a wholly owned subsidiary of Bethel Automotive Safety Systems Co., Ltd. In a related transaction, Bethel Automotive Safety Systems Co., Ltd (SHSE:603596) signed the equity transfer agreement to acquire the remaining 49% stake in Weihai Bethel Sakedi Automotive Safety System Co., Ltd. from Sakthi Automotive Group USA Inc. for approximately CNY 130 million ($19.6 million) on April 7, 2021.
For the year ended December 31, 2020, Weihai Sabo Automotive Safety System Co., Ltd. reported total assets of approximately CNY 3.2 million, net assets of approximately CNY 3.2 million, operating revenue of approximately CNY 0.2 million, operating profit of approximately CNY 0.2 million and net profit of approximately CNY 0.2 million. The transaction is subject to shareholder approval of Bethel Automotive Safety Systems Co., Ltd and has been approved by the Board of Bethel Automotive Safety Systems Co., Ltd.
Bethel Automotive Safety Systems Co., Ltd. is a China-based company principally engaged in the research, development, manufacture and sales of automotive braking system related products. The Companyâs main products include disc brakes, lightweight brake components, vacuum boosters, electronic parking brake systems, anti-lock braking systems, electronic stability control systems and others.
Bethel Automotive Safety Systems Co., Ltd agreed to acquire the remaining 51% stake in Weihai Sabo Automotive Safety System Co., Ltd. from Sakthi Automotive Group USA Inc. for CNY 2.5 million ($0.4 million).