Fujian Province Bailout No. 1 Equity Investment Partnership signed an agreement to acquire 5% stake in Fujian Snowman Co., Ltd. from Lin Rujie for approximately CNY 250 million.
December 18, 2019
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Fujian Province Bailout No. 1 Equity Investment Partnership signed an agreement to acquire 5% stake in Fujian Snowman Co., Ltd. from Lin Rujie for approximately CNY 250 million on December 19, 2019. Under the terms of the transaction, Fujian Province Bailout No. 1 Equity Investment Partnership will acquire 33,703,700 shares in the Fujian Snowman as held by Lin Rujian. The 30% of the transaction price payable within five days since all condition fulfilled and remaining 70% of the transaction price payable within five days since delivery of underlying equity. The parties completed the necessary decision-making and approval procedures for the transfer of the target shares.
FUJIAN SNOWMAN CO., LTD. is a China-based company principally engaged in the research and development, manufacturing and sales of refrigeration equipment. The Company's main products include ice making equipment, compressors and central air conditioning systems. Its products are mainly used in the concrete cooling, cold chain logistics, nuclear power, chemical, commercial supermarket, food processing and other fields. The Company is also engaged in central air conditioning system sales and installation business, as well as the provision of oil and gas technical services. The Company mainly operates its business in the domestic and overseas markets.
Fujian Province Bailout No. 1 Equity Investment Partnership signed an agreement to acquire 5% stake in Fujian Snowman Co., Ltd. from Lin Rujie for approximately CNY 250 million.