Fangda Special Steel Technology Co., Ltd. completed the acquisition of Liaoning Fangda Group International Trade Co., Ltd. from Tianjin Yishang Group Co. Ltd.
May 05, 2023
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Fangda Special Steel Technology Co., Ltd. (SHSE:600507) agreed to acquire Liaoning Fangda Group International Trade Co., Ltd. from Tianjin Yishang Group Co. Ltd. for approximately CNY 800 million on April 10, 2023. Under the terms, the consideration will be paid in two phase, i.e., CNY 159 million within ten working days from the effective date of the equity transfer agreement, and CNY 636 million within ten working days after the completion of the industrial and commercial registration procedures involved in this transaction. The transaction is approved by the board of Fangda Special Steel on April 10, 2023. For the year ended December 31, 2022, Liaoning Fangda Group reported Total Assets of CNY 2.055 billion, Net assets of CNY 367 million, Revenue of CNY 8.562 billion and Net profit of CNY 132 million. As of April 26, 2023, Fangda Special Steel Technology Co., Ltd. shareholder meeting held in which they approved the transaction. Grandall Law Firm witnessed the shareholder meeting.
Fangda Special Steel Technology Co., Ltd. (SHSE:600507) completed the acquisition of Liaoning Fangda Group International Trade Co., Ltd. from Tianjin Yishang Group Co. Ltd. on May 6, 2023.
FANGDA SPECIAL STEEL TECHNOLOGY CO., LTD. is a China-based company principally engaged in the research and development, production and sales of steel products. The Company's main products include the automotive leaf springs, deformed steel bars, spring flat steels, round springs, shock absorbers, spring special equipments, auto parts and molds. Its products are mainly used in the manufacture of building materials and automobile parts. The Company is also engaged in the mining, processing and sales of iron minerals.
Fangda Special Steel Technology Co., Ltd. completed the acquisition of Liaoning Fangda Group International Trade Co., Ltd. from Tianjin Yishang Group Co. Ltd.