Hangzhou Cable Co., Ltd. entered into an agreement to acquire Zhejiang Fuchunjiang Photoelectric Science & Technology Co., Ltd. from Zhejiang Fuchunjiang Communication Group Co., Ltd. for approximately CNY 130 million.
December 23, 2020
Share
Hangzhou Cable Co., Ltd. (SHSE:603618) entered into an agreement to acquire Zhejiang Fuchunjiang Photoelectric Science & Technology Co., Ltd. from Zhejiang Fuchunjiang Communication Group Co., Ltd. for approximately CNY 130 million on December 23, 2020. Under the terms, 30% of the purchase price will be paid after the Board of Directors of Hangzhou Cable approved this equity purchase proposal and the remaining 70% will be paid after the completion of the business license of the target company by the Company. Zhejiang Fuchunjiang reported total assets of CNY 306 million and total equity of CNY 101.3 million as of September 30, 2020. The transaction has been unanimously approved by the Board of Hangzhou Cable on December 23, 2020. The transaction does not require approval from the shareholders of Hangzhou.
Hangzhou Cable Co., Ltd. is a China-based company principally engaged in the research and development, production and sales of wire and cable products. The Company is also involved in the provision of related services. The company's main products include aluminum alloy wires, power cables, UHV cables, special power cables, rubber cables, overhead wires, aluminum alloy wires, aluminum clad steel wires, plastic wires, overhead cables, control cables and mining cables.
Hangzhou Cable Co., Ltd. entered into an agreement to acquire Zhejiang Fuchunjiang Photoelectric Science & Technology Co., Ltd. from Zhejiang Fuchunjiang Communication Group Co., Ltd. for approximately CNY 130 million.