Chongqing Sanxia Paints Co., Ltd cancelled the acquisition of an additional 3% stake in Chongqing Chemical and Pharmaceutical Holdings Group Finance Co., Ltd. from Chongqing Changfeng Chemical Industry Co.,Ltd.
December 26, 2020
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Chongqing Sanxia Paints Co., Ltd (SZSE:000565) signed an agreement to acquire an additional 3% stake in Chongqing Chemical and Pharmaceutical Holdings Group Finance Co., Ltd. from Chongqing Changfeng Chemical Industry Co.,Ltd. for CNY 34.3 million recently. The transaction will be financed from own funds of Chongqing Sanxia Paints in two phases. Within 5 working days after the signing of agreement, Chongqing Sanxia shall pay CNY 15 million and within 10 working days after completing the change registration, Chongqing Sanxia shall pay the remaining CNY 19.3 million. Post-completion, Chongqing Sanxia Paints stake in Chongqing Chemical and Pharmaceutical Holdings Group Finance will increased to 7% from 4%. For year ended December 31, 2018, Chongqing Chemical and Pharmaceutical Holdings Group Finance reported total assets of CNY 3.96 billion, net assets of CNY 1.1 billion, revenues of CNY 152.18 million, operating profit of CNY 143 million and net profit of CNY 121.5 million. The transaction is approved by the Board of Chongqing Sanxia.
Chongqing Sanxia Paints Co., Ltd (SZSE:000565) cancelled the acquisition of an additional 3% stake in Chongqing Chemical and Pharmaceutical Holdings Group Finance Co., Ltd. from Chongqing Changfeng Chemical Industry Co.,Ltd. on December 27, 2020.
Chongqing Sanxia Paints Co., Ltd is primarily engaged in the manufacture and wholesale of paints and coatings. The Company's products include anti-corrosive paints, industrial paints, automotive paints, construction paints, furniture paints and others. The Company also provides other chemical products. Through its subsidiaries, the Company is also engaged in the production and distribution of tablets, granules, capsules and bulk pharmaceutical chemicals, among others. The Company distributes its products principally in domestic market.
Chongqing Sanxia Paints Co., Ltd cancelled the acquisition of an additional 3% stake in Chongqing Chemical and Pharmaceutical Holdings Group Finance Co., Ltd. from Chongqing Changfeng Chemical Industry Co.,Ltd.