Yangtze Ecology and Environment Co., Ltd. agreed to acquire 5% stake in Fujian Superpipe Co., Ltd. from Chen Zhijiang for approximately CNY 220 million.
March 28, 2021
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Yangtze Ecology and Environment Co., Ltd. agreed to acquire 5% stake in Fujian Superpipe Co., Ltd. (SZSE:300198) from Chen Zhijiang for approximately CNY 220 million on March 27, 2021. Yangtze Ecology and Environment Co., Ltd. will acquire 51.7 million shares at a price of CNY 4.3 per share. Under the terms, the first payment of CNY 100 million will be made within 5 days receiving payment request, the second payment of CNY 90 million will be made within 5 days receiving payment request and remaining payment CNY 32.23 million shall be paid after completing registration. After the acquisition, Yangtze Ecology and Environment Co., Ltd. will hold 20.29% stake in Fujian Superpipe Co., Ltd.
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. agreed to acquire 5% stake in Fujian Superpipe Co., Ltd. from Chen Zhijiang for approximately CNY 220 million.
FUJIAN NEWCHOICE PIPE TECHNOLOGY CO., LTD. 
