Cangzhou Mingzhu Plastic Co., Ltd. cancelled the acquisition of remaining 27% stake in Cangzhou Donghong Packing Material Co., Ltd. from Shengda Investment (Hong Kong) Co., Ltd. and Ju Hong (Hong Kong) Co., Ltd.
August 17, 2016
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Cangzhou Mingzhu Plastic Co., Ltd. (SZSE:002108) signed an agreement to acquire remaining 27% stake in Cangzhou Donghong Packing Material Co., Ltd. from Shengda Investment (Hong Kong) Co., Ltd. and Ju Hong (Hong Kong) Co., Ltd. for CNY 19.6 million on August 18, 2015. Shengda Investment (Hong Kong) Co., Ltd. will sell 25% stake for CNY 18.16 million and Ju Hong (Hong Kong) Co., Ltd. will sell 2% stake for CNY 1.45 million. Cangzhou Mingzhu Plastic Co., Ltd. will fund the transaction through own funds. Cangzhou Donghong Packing Material Co., Ltd reported total assets of CNY 116.85 million, total liabilities of CNY 2.63 million, net assets of CNY 114.22 million, operating revenues of CNY 166.23 million, operating profit of CNY 10.8 million and net profit of CNY 8.1 million in 2014. The transaction is not subject to approval of shareholders of Cangzhou Mingzhu Plastic. The Board of Cangzhou Mingzhu Plastic Co., Ltd. approved the transaction. Zhongxi Certified Public Accountants audited the financials.
Cangzhou Mingzhu Plastic Co., Ltd. (SZSE:002108) cancelled the acquisition of remaining 27% stake in Cangzhou Donghong Packing Material Co., Ltd. from Shengda Investment (Hong Kong) Co., Ltd. and Ju Hong (Hong Kong) Co., Ltd. on August 18, 2016.
Cangzhou Mingzhu Plastic Co., Ltd. is a China-based company, principally engaged in the manufacture and distribution of rubber and plastics products. The Company's principal products include polyethylene (PE) gas pipes, water supply pipes, drainage double wall corrugated pipes, pollution discharge double wall corrugated pipes, nylon films, lithium-ion battery separators silicon rubber pipes and materials, plastic films and other products. The Company also provides engineering services. It conducts its businesses mainly within domestic markets.
Cangzhou Mingzhu Plastic Co., Ltd. cancelled the acquisition of remaining 27% stake in Cangzhou Donghong Packing Material Co., Ltd. from Shengda Investment (Hong Kong) Co., Ltd. and Ju Hong (Hong Kong) Co., Ltd.
CANGZHOU MINGZHU PLASTIC CO.,LTD. 
