Grand Industrial Holding Co.,Ltd cancelled the acquisition of Liaoning Wkioc Bioengineering Co., Ltd. from a group of investors.
August 18, 2021
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Grand Industrial Holding Co.,Ltd (SZSE:000626) signed a share transfer agreement to acquire Liaoning Wkioc Bioengineering Co., Ltd. from a group of investors for approximately CNY 150 million on April 26, 2021. The group of investor include Guo Chunli and18 other sellers. As of December 31, 2020, Liaoning Wkioc Bioengineering Co., Ltd. had total assets of CNY 58.9 million, net assets of CNY 38.98 million, revenue of CNY 50.44 million and net profit of CNY 15.94 million. The transaction has been approved in the 4th Meeting of 2021 of 9th Directorate of Grand Industrial Holding Co.,Ltd held on April 26, 2021. The transaction does not need shareholders’ approval.
Grand Industrial Holding Co.,Ltd (SZSE:000626) cancelled the acquisition of Liaoning Wkioc Bioengineering Co., Ltd. from a group of investors on August 19, 2021. The transaction has been marked cancelled after the results of due diligence, the company believes that the transferor and Liaoning Weike cannot meet the prerequisites and other terms of the acquisition as stipulated in the equity transfer agreement at this stage, and therefore decided to terminate the acquisition.
Grand Industrial Holding Co., Ltd., formerly LIANYUNGANG IDEAL GROUP CO.,LTD, is primarily engaged in commodity trading and logistics agency business. The Companyâs business activities comprise the trading of plastic goods, rubber goods, liquefied goods, metal goods and other goods, as well as the provision of logistics agency services. The Company distributes the goods in domestic market and to overseas markets.