China Shipbuilding Industry Company Limited completed the acquisition of remaining 42.99% stake in Dalian Shipbuilding Industry Co., Ltd. from a group of sellers.
February 11, 2018
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China Shipbuilding Industry Company Limited (SHSE:601989) entered into a framework agreement to acquire remaining 42.99% stake in Dalian Shipbuilding Industry Co., Ltd. from a group of sellers for CNY 16.6 billion on September 13, 2017. On October 26, 2017, China Shipbuilding Industry Company Limited and group of sellers signed the asset acquisition agreement. The consideration will be paid through issuance of China Shipbuilding Industry Company Limited shares with issue price of CNY 5.78 per share. In a related transaction, China Shipbuilding Industry Company Limited entered into a framework agreement to acquire 36.15% stake in Wuchang Shipbuilding Industry Group Co.,Ltd. from a group of sellers on September 13, 2017. Dalian Shipbuilding Industry Co., Ltd reported total assets of CNY 94.5 billion as of December 31, 2016 and revenues of CNY 27.8 billion, operating profit of CNY 284.3 million for the year ended December 31, 2016.
The transaction is subject to approval of the Dalian Shipbuilding Industry Co., Ltd.'s equity assessment reports by the State-owned Assets Supervision and Administration Commission of the State Council, approval from the State-owned Assets Supervision and Administration Commission of the State Council, approval from China Shipbuilding Industry Company Limited's shareholders at a meeting to be held on November 13, 2017 and approval from China Securities Regulatory Commission. The transaction is approved by the Board of China Shipbuilding Industry Company Limited on October 6, 2017 and from the respective relevant authorities of the eight counterparties, and is approved in principle by the State-owned Assets Supervision and Administration Commission of the State Council and military matters by the State Administration of Science, Technology and Industry for National Defense. On November 8, 2017, state assets regulator, State-owned Assets Supervision and Administration Commission of State Council approved the deal. On November 13, 2017, the transaction is approved by the shareholders of China Shipbuilding Industry Company Limited at its 5th extraordinary general shareholders' meeting of 2017. On December 28, 2017, China Securities Regulatory Commission approved the transaction.
Lv Xiaofeng, Guo Yingying, Zeng Kunjie, Zhong Ben, Li Zhiqiang, Wang Jian, Feng Li and Wang Tianhang of China Securities Co., Ltd. and Wang Ling, Zhang Minghui, Zhu Ye Xin, Guo Dan, Kang Pan, Bao Xiang, Xu Ya-ou, Jiang Wenxiang, Yang Meng, Hu Zhongjun and Tang Zhaojun of CITIC Securities Company Limited acted as financial advisors, Wang Fei and Tan Sijun of Jiayuan Law Offices acted as legal advisors and Fan Xiaohong and Song Zhiyun of Grant Thornton China acted as accountant for China Shipbuilding Industry Company Limited.
China Shipbuilding Industry Company Limited (SHSE:601989) completed the acquisition of remaining 42.99% stake in Dalian Shipbuilding Industry Co., Ltd. from a group of sellers on February 12, 2018.
China Cinda Asset Management Co., Ltd. is an investment holding company mainly engaged in the provision of financial services as well as the management of distressed asset management. Along with subsidiaries, the Company operates its business through three segments. The Financial Services segment is involved in the provision of financial services in sectors such as bank, securities, insurance, financial leasing and asset management. The Distressed Asset Management segment is engaged in the management of assets arising from acquisition of distressed debts and debt-to-equity-swap and the provision of clearing settlement and fiduciary services. The Financial Investment and Asset Management segment is involved in the management of financial investments on private funds and companies in certain other industries.
China Shipbuilding Industry Company Limited completed the acquisition of remaining 42.99% stake in Dalian Shipbuilding Industry Co., Ltd. from a group of sellers.
CHINA CINDA ASSET MANAGEMENT CO., LTD. 
