Guangzhou Jointas Chemical Co., Ltd. signed an agreement to acquire 75% stake in Dongguan Zhaoshun Silicone Technology Co., Ltd from Chen Fang, Li Jianghua, Liu Jinming and Chen Zhengwang for CNY 46.7 million.
August 30, 2019
Share
Guangzhou Jointas Chemical Co., Ltd. (SZSE:002909) signed an agreement to acquire 75% stake in Dongguan Zhaoshun Silicone Technology Co., Ltd from Chen Fang, Li Jianghua, Liu Jinming and Chen Zhengwang for CNY 46.7 million on August 30, 2019. Guangzhou Jointas Chemical Co., Ltd. shall make payment in two phases. The first phase of payment of CNY 20 million within twenty working days from the signing of agreement and remaining CNY 26.73 million in second phase within two months from the agreement. For the period ended December 31, 2018, Dongguan Zhaoshun Silicone Technology reported revenue of CNY 88.17 million and net profit of CNY 2.67 million. As at December 31, 2018, Dongguan Zhaoshun Silicone Technology had total assets of CNY 45.75 million and net assets of CNY 21.66 million. The transaction has been approved by the Board of Directors of Guangzhou Jointas Chemical Co., Ltd but approval from its shareholders is not needed.
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. signed an agreement to acquire 75% stake in Dongguan Zhaoshun Silicone Technology Co., Ltd from Chen Fang, Li Jianghua, Liu Jinming and Chen Zhengwang for CNY 46.7 million.