Jack Sewing Machine Co., Ltd. and Jack Europe S.à r.l. agreed to acquire 10% stake in Vi.Be.Mac. Spa and Zhejiang Weibima Intelligent Sewing Technology Co., Ltd. from GUERRESCHI ELENA for CNY 23.4 million.
January 20, 2021
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Jack Sewing Machine Co., Ltd. (SHSE:603337) and Jack Europe S.à r.l. agreed to acquire 10% stake in Vi.Be.Mac. Spa and Zhejiang Weibima Intelligent Sewing Technology Co., Ltd. from GUERRESCHI ELENA for CNY 23.4 million on January 20, 2021. Under the terms of transactions, Jack Europe S.à r.l. will acquire 10% stake in Vi.Be.Mac. Spa for CNY 22.4 million and 10% stake in Zhejiang Weibima Intelligent Sewing Technology for CNY 1 million. After the completion of the equity transfer, the company’s equity in Zhejiang Weibima and Italy VBM will increase from 80% to 90%. As of September 30, 2020, Zhejiang Weibima Intelligent Sewing had total assets of CNY 19.3 million and net assets of CNY 6.15 million. As of September 30, 2020, Vi.Be.Mac had total assets of CNY 93.2 million and net assets of CNY 57.8 million. The transaction needs to be approved and filed by relevant government departments such as development and reform, commerce, etc. The Board of Jack Europe S.à r.l approved the deal.
Jack Technology Co Ltd, formerly Jack Sewing Machine Co Ltd, is a China-based company mainly engaged in the research and development (R&D), production and sales of industrial sewing machinery. The Company's products include industrial sewing machines, cutting beds, cloth laying machines, cloth inspection machines, automatic sewing equipment for shirts and jeans and others. The Company's products also include important parts of sewing machinery such as motor, electric control, frame and platen. The Company's products are mainly exported to Asia, South America, Europe, Africa and other regions.
Jack Sewing Machine Co., Ltd. and Jack Europe S.à r.l. agreed to acquire 10% stake in Vi.Be.Mac. Spa and Zhejiang Weibima Intelligent Sewing Technology Co., Ltd. from GUERRESCHI ELENA for CNY 23.4 million.