Yangtze Ecology and Environment Co., Ltd. signed an agreement to acquire an additional 5% stake in Fujian Superpipe Co., Ltd. from Liu Rongxuan for approximately CNY 200 million.
February 23, 2020
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Yangtze Ecology and Environment Co., Ltd. signed an agreement to acquire an additional 5% stake in Fujian Superpipe Co., Ltd. (SZSE:300198) from Liu Rongxuan for approximately CNY 200 million on February 24, 2020. Under the agreement, Yangtze Ecology and Environment Co., Ltd. will acquire additional 51.68 million shares at CNY 3.90 per share. Post completion, Yangtze Ecology and Environment Co., Ltd. and Liu Rongxuan will hold 57.38 million shares and 8.6 million shares representing 5.56% and 0.83% stake of Fujian Superpipe Co., Ltd. respectively.
Fujian Superpipe Co., Ltd. is a China-based company principally engaged in the research, development, manufacture and sale of drainage pipelines. The Company's main products include high density polyethylene (HDPE) winding reinforced pipes, steel framed polyethylene (PE) plastic composite pipes, continuous winding glass fiber reinforced pipes, polyester resin concrete pipes and related fittings. The Company's products are mainly used in rainwater harvesting, diversion, water supply, drainage, reclaimed water and other urban infrastructure, as well as in industrial, gas, sponge city construction and nuclear power pipeline industries. The Company distributes its products in domestic market and to overseas markets.
Yangtze Ecology and Environment Co., Ltd. signed an agreement to acquire an additional 5% stake in Fujian Superpipe Co., Ltd. from Liu Rongxuan for approximately CNY 200 million.
FUJIAN NEWCHOICE PIPE TECHNOLOGY CO., LTD. 
