Jiangsu Alcha Aluminium Co.,Ltd. completed the acquisition of Shandong XinHeyuan Heat Transferring Technology Co., Ltd. from Jiangsu Changshu Aluminum Foil Factory and Zhu Ming.
August 12, 2014 at 12:00 am EDT
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Jiangsu Alcha Aluminium Co.,Ltd. (SZSE:002160) signed a framework agreement to acquire Shandong XinHeyuan Heat Transferring Technology Co., Ltd. from Jiangsu Changshu Aluminum Foil Factory and Zhu Ming for approximately CNY 250 million in stock on March 14, 2014. As reported, Jiangsu Alcha Aluminium will issue 53.47 million shares as consideration where 26.2 million shares will be issued toward Jiangsu Changshu Aluminum Foil Factory and 27.27 million shares will be issued toward Zhu Ming. For the year ended December 31, 2013, Shandong XinHeyuan Heat Transferring Technology reported revenue of CNY 160.63 million, operating profit of CNY 26.14 million and net profit of CNY 19.81 million. As on December 31, 2013, the total assets amounted to CNY 102.51 million, total liabilities were CNY 5.54 million and total common equity was CNY 46.97 million. Jiangsu Alcha Aluminium Co will also raise CNY 90 million as the supporting funds via private placement by issuing not more than 19.79 million shares at CNY 4.55 per share to not more than 10 specific investors to cover the acquisition and business operations of Shandong XinHeyuan Heat Transferring Technology Co.
The transaction was approved by Board of Directors of Jiangsu Alcha Aluminium Co.,Ltd. and by shareholders of Shandong XinHeyuan Heat Transferring Technology Co., Ltd. on March 14, 2014. A definitive agreement for the acquisition was signed on March 29, 2014. The transaction is still subject to approval by shareholders of Jiangsu Alcha Aluminium Co.,Ltd. and by China Securities Regulatory Commission. As on April 17, 2014, the shareholders of Jiangsu Alcha Aluminium approved the deal. As on July 25, 2014, the transaction was approved by the China Securities Regulatory Commission. Sinolink Securities Co., ltd. acted as financial advisor and Grandall Law Firm acted as legal advisor to Jiangsu Alcha Aluminium. BDO China Shu Lun Pan CPAs Co., Ltd. acted as accountant for Jiangsu Alcha Aluminium Co.,Ltd.
Jiangsu Alcha Aluminium Co.,Ltd. (SZSE:002160) completed the acquisition of Shandong XinHeyuan Heat Transferring Technology Co., Ltd. from Jiangsu Changshu Aluminum Foil Factory and Zhu Ming on August 12, 2014. The transaction has already been approved by China Securities Regulatory Commission.
JIANGSU ALCHA ALUMINIUM GROUP CO., LTD., formerly JIANGSU ALCHA ALUMINIUM CO., LTD., is a China-based company principally engaged in the manufacture and sales of aluminum foil products. The Company operates two segments. The Aluminum Foil segment provides aluminum foils for air conditioners, aluminum foils for sheets, alloy aluminum foil including aluminum foils for automobiles. The Medical Cleaning segment is engaged in the design and provision of cleaning equipment and others. The Company distributes its products within domestic market and to overseas markets.
JIANGSU ALCHA ALUMINIUM GROUP CO., LTD. 
