An unknown buyer completed the acquisition of 86.84% stake in Jiangyin Titans High Voltage Electric Co., Ltd. from China Titans Energy Technology Group Co., Limited.
January 05, 2013 at 12:00 am EST
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An unknown buyer entered into an equity interest transfer agreement to acquire 86.84% stake in Jiangyin Titans High Voltage Electric Co., Ltd. from China Titans Energy Technology Group Co., Limited (SEHK:2188) for CNY 32.3 million in cash on December 7, 2012. The buyer will also take up the payment obligations of China Titans' to pay up the unpaid registered capital to Jiangyin Titans not later than May 11, 2013. The first payment of CNY 1.5 million will be paid within 3 days following the signing of the agreement, the second payment will be paid within 30 days following the signing of the agreement and the balance will be deposited into a bank account jointly within 45 days following the signing of the agreement and will be released to China Titans within 3 days after the certificate issue date. In a related transaction, Jiangyin City Siteersi Trading Co., Ltd. entered into an equity interest transfer agreement to acquire 13.16% stake in Jiangyin Titans High Voltage Electric Co., Ltd. from Song Qing Hong and Zhuhai Titans Power Electronics Company Limited for CNY 5.4 million in cash on December 7, 2012. Jiangyin Titans had turnover of CNY 5.62 million, net loss before and after taxation of CNY 1.63 million for the year ending December 31, 2011. Jiangyin Titans had unaudited net assets of CNY 23.27 million as of October 31, 2012.
The transaction is subject to approvals from the relevant Chinese government authorities. The Directors of China Titans consider the transaction to be fair and reasonable. Completion of the equity transfer under the agreement shall take place after the buyer is able to fulfill all its payment obligations of consideration and the consummation of the registration and approval formalities with respect to the transfer of the sale interest with the relevant government authorities in China. The proceeds generated from the transaction will be applied as general working capital by China Titans.
An unknown buyer completed the acquistion of 86.84% stake in Jiangyin Titans High Voltage Electric Co., Ltd. from China Titans Energy Technology Group Co., Limited (SEHK:2188) on January 5, 2013.
China Titans Energy Technology Group Co., Limited is an investment holding company principally engaged in the manufacture and sales of electric products. The Company operates its business through six segments. The Direct Current (DC) Power System segment is engaged in the manufacture and sales of direct current power system. The Charging Equipment segment is engaged in the manufacture and sales of charging equipment for electric vehicles. The Charging Services segment is engaged in the provision of charging services for electric vehicles. The PASS (Plug and Switch System) Products segment is engaged in the sales of plug and switch system products. The Power Monitoring segment is engaged in the sales of power monitoring and management equipment. The Electric Vehicles segment is engaged in the sales and leases of electric vehicles.
An unknown buyer completed the acquisition of 86.84% stake in Jiangyin Titans High Voltage Electric Co., Ltd. from China Titans Energy Technology Group Co., Limited.
CHINA TITANS ENERGY TECHNOLOGY GROUP CO., LIMITED 
