Guizhou BC&TV Information Network CO.,LTD signed an agreement to acquire remaining 33% stake in Guifutong Network Technology Co., Ltd. from Increator Technology Co., Ltd. for CNY 7.2 million.
March 14, 2021
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Guizhou BC&TV Information Network CO.,LTD (SHSE:600996) signed an agreement to acquire remaining 33% stake in Guifutong Network Technology Co., Ltd. from Increator Technology Co., Ltd. for CNY 7.2 million on March 15, 2021. Post completion, Guifutong Network Technology Co., Ltd. will become wholly owned subsidiary of Guizhou BC&TV Information Network CO.,LTD while Increator Technology Co., Ltd. will hold no stake. The Consideration shall be payable by bank transfer within ten working days of the signing of the agreement. For the year ended December 31, 2021, Guifutong Network Technology Co., Ltd. has reported net assets of CNY 20.49 million, net profit before tax of CNY 0.48 million and net profit after tax of CNY 0.38 million. The Completion shall take place on the date on which the equity change registration procedures in respect of the transaction has been completed. The net proceeds from the transaction will be used for general working capital purposes.
Guizhou BC&TV Information Network Co Ltd is a China-based company that mainly provides standard definition and high-definition digital TV program signal transmission and playback services. The Company's main businesses include radio and TV program viewing services, development and operation of digital TV value-added services, data services, cable television related engineering and installation, program transmission, and terminal sales. The Company is also engaged in smart radio and television business, including Skynet project construction, smart medical care, smart policing, rural emergency broadcasting, smart city, smart tourism and other smart radio and television businesses.
Guizhou BC&TV Information Network CO.,LTD signed an agreement to acquire remaining 33% stake in Guifutong Network Technology Co., Ltd. from Increator Technology Co., Ltd. for CNY 7.2 million.