Shanghai Yutai Industry Co., Ltd. and Shanghai Yuhu Investment Management Co., Ltd. signed a share transfer agreement to acquire 65% stake in Gongyi Yirui Microfinance Co., Ltd. from Henan Mingtai Al.Industrial Co.,Ltd. and Henan Tebangte International Trade Co., Ltd. for CNY 97.5 million.
July 13, 2017
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Shanghai Yutai Industry Co., Ltd. and Shanghai Yuhu Investment Management Co., Ltd. signed a share transfer agreement to acquire 65% stake in Gongyi Yirui Microfinance Co., Ltd. from Henan Mingtai Al.Industrial Co.,Ltd. (SHSE:601677) and Henan Tebangte International Trade Co., Ltd. for CNY 97.5 million on July 13, 2017. Under the terms of the transaction, Henan Mingtai Al.Industrial Co., Ltd will sell a total of 60% under which 40% to Shanghai Yutai Industry Co., Ltd. for CNY 60 million and 20% to Shanghai Yuhu Investment Management Co., Ltd. for CNY 30 million. Henan Tebangte International Trade Co., Ltd. will sell 5% stake to Shanghai Yutai Industry Co., Ltd. for CNY 7.5 million. During the financial year ended December 2016, Gongyi Yirui Microfinance Co., Ltd reported total assets of approximately CNY 150 million, net assets of approximately CNY 150 million, revenue of CNY 2.7 million and net loss of CNY 3.9 million. The transaction was approved by the board of Henan Mingtai Al.Industrial Co., Ltd. and does not need the shareholders’ approval.
Henan Mingtai Al Industrial Co Ltd is a China-based company mainly engaged in the aluminum sheet, strip and foil, aluminum profiles and comprehensive utilization of renewable resources. The Company's main products include soft pack battery aluminum foil, electronic foil, checkered plate, commercial vehicle lightweight material, food and drug packaging foil, rail car body profile, aluminum alloy rail car body, new energy battery tray, automotive profile, extruded aluminum for Ultra High Voltage (UHV) transmission equipment Gas Insulated Line (GIL) Pipes, rail vehicle interior parts and other products. The Company's products are mainly used in new energy, new materials, Fifth Generation (5G) communication, pharmaceutical packaging, food packaging, transportation, UHV power transmission, rail car body, military industry and many other fields. The Company distributes its products in domestic market and to overseas markets.
Shanghai Yutai Industry Co., Ltd. and Shanghai Yuhu Investment Management Co., Ltd. signed a share transfer agreement to acquire 65% stake in Gongyi Yirui Microfinance Co., Ltd. from Henan Mingtai Al.Industrial Co.,Ltd. and Henan Tebangte International Trade Co., Ltd. for CNY 97.5 million.