Guangzhou Jointas Chemical Co., Ltd. sign a share transfer agreement agree to acquire Guangzhou Hongtai Technology Investment Service Co., Ltd. from Guangzhou Antas Chemical Co.,Ltd. for CNY 44 million.
August 11, 2020
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Guangzhou Jointas Chemical Co., Ltd. (SZSE:002909) sign a share transfer agreement agree to acquire Guangzhou Hongtai Technology Investment Service Co., Ltd. from Guangzhou Antas Chemical Co.,Ltd. for CNY 44 million on August 11, 2020. Under the terms of transaction, Antas Chemical paid a deposit of CNY 42.98 million under the concept of a land deposit to be acquired by Guangzhou Hongtai Technology Investment Service Co., Ltd. Guangzhou Hongtai Technology Investment Service Co has a debt of CNY 42.98 million with Antas Chemical. Hongtai Technology will repay the security deposit paid by the company's controlling shareholder Antas Chemical. After the completion of the equity transfer, Hongtai Technology will become a wholly-owned subsidiary of the Guangzhou Jointas Chemical. In related transaction, Guangzhou Jointas Chemical Co Guangzhou Hongtai Technology Investment Service Co., Ltd. announced that it will receive CNY 149,000,000 in an equity round of funding on August 11, 2020. Guangzhou Jointas intend to use its own fund for the transaction. As on June 30, 2020, the total assets and net assets of Hongtai Technology is CNY 1 million. On August 11, 2020, board of directors of Guangzhou Jointas Chemical Co reviewed and approved the transaction. The above proposal still needs to be submitted to the Guangzhou Jointas Chemical Co shareholders meeting for deliberation.
Guangzhou Jointas Chemical Co Ltd is a China-based company principally engaged in the research, development, production and sale of coatings and sealant products, as well as the provision of related services. The Company's main products include silicone sealants, water-based sealants, other sealants, asphalt paint and water-based paint. The Company's products are used in various areas, such as construction, home decoration, container manufacturing, steel structure manufacturing, petrochemical equipment and ship yacht equipment. The Company distributes its products mainly in domestic market.
Guangzhou Jointas Chemical Co., Ltd. sign a share transfer agreement agree to acquire Guangzhou Hongtai Technology Investment Service Co., Ltd. from Guangzhou Antas Chemical Co.,Ltd. for CNY 44 million.