GuangDong Rifeng Electric Cable Co., Ltd. completed the acquisition of Tianjin Yourong Dikang Communication Technology Co., Ltd. from Tianjin Huaming Xinyu Investment Development Co., Ltd., Tianjin Kaiyue Chemical Industry Company and Liu Nailan.
February 31, 2021
Share
GuangDong Rifeng Electric Cable Co., Ltd. (SZSE:002953) signed the share transfer agreement to acquire Tianjin Yourong Dikang Communication Technology Co., Ltd. from Tianjin Huaming Xinyu Investment Development Co., Ltd., Tianjin Kaiyue Chemical Industry Company and Liu Nailan for approximately CNY 170 million on January 11, 2021. Under the terms of transaction, GuangDong Rifeng Electric will acquire 40.53% stake from Tianjin Huaming Xinyu Investment Development Co., Ltd.; 33.22% stake from Tianjin Kaiyue Chemical Industry Company and 26.25% from Liu Nailan. The transaction will be funded by self raised funds of GuangDong Rifeng Electric. GuangDong Rifeng Electric has recently paid all the proceeds for the merger. Part of the funds for this merger comes from the company’s own funds, and the rest is paid in cash through bank loans of CNY 105 million. As of September 30, 2020, Tianjin Yourong Dikang Communication Technology reported total assets of CNY 424.7 million and net assets of CNY 117.8 million. The transaction is subject to approval from shareholders of GuangDong Rifeng Electric Cable Co., Ltd. The transaction has been approved by the Board of GuangDong Rifeng Electric Cable Co., Ltd. On April 26, 2021, the sixteenth meeting of the fourth board of directors of GuangDong Rifeng Electric Cable Co., Ltd. approved the Comprehensive Credit Line from the bank for the acquisition.
GuangDong Rifeng Electric Cable Co., Ltd. (SZSE:002953) completed the acquisition of Tianjin Yourong Dikang Communication Technology Co., Ltd. from Tianjin Huaming Xinyu Investment Development Co., Ltd., Tianjin Kaiyue Chemical Industry Company and Liu Nailan on February 1, 2021.
GuangDong Rifeng Electric Cable Co., Ltd. is a China-based company that independently develops and manufactures rubber sheathed wire and cable. The Company is mainly engaged in the research, development, production and sales of electrical equipment and special equipment supporting cables. The products mainly include four categories: air conditioning cable components, small household appliance wiring components, special equipment cables and other cables, and widely used in household appliances, robots, wind power, marine engineering, port machinery, construction machinery, shipbuilding, power tools, instrumentation, automotive, lighting, outdoor equipment and other fields. The Company distributes its products in domestic market and to overseas markets.
GuangDong Rifeng Electric Cable Co., Ltd. completed the acquisition of Tianjin Yourong Dikang Communication Technology Co., Ltd. from Tianjin Huaming Xinyu Investment Development Co., Ltd., Tianjin Kaiyue Chemical Industry Company and Liu Nailan.