Jiangsu Sanfame Polyester Material Co.,Ltd. entered into an agreement to acquire remaining 25% stake in Jiangyin Xingren Textile Co., Ltd. from KERN AG for approximately CNY 24.1 million.
September 16, 2021
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Jiangsu Sanfame Polyester Material Co.,Ltd. (SHSE:600370) entered into an agreement to acquire remaining 25% stake in Jiangyin Xingren Textile Co., Ltd. from KERN AG for approximately CNY 24.1 million on September 16, 2021. In related transactions, Jiangsu Sanfame Polyester Material Co.,Ltd. (SHSE:600370) entered into an agreement to acquire remaining 30% stake in Jiangyin Jihua New Material Co., Ltd. from KERN AG for approximately CNY 110 million and Jiangsu Sanfame Polyester Material Co.,Ltd. (SHSE:600370) entered into an agreement to acquire remaining 25% stake in Jiangyin Xinyuan Thermal Power Co., Ltd. from KERN AG for approximately CNY 110 million. Post completion of these transactions, Jiangsu Sanfame Polyester Material Co.,Ltd. holds 100% stake in Jiangyin Xinyuan Thermal Power Co., Ltd., Jiangyin Jihua New Material Co., Ltd. and Jiangyin Xingren Textile Co., Ltd. As on September 13, 2021, Jiangyin Xingren Textile reported total assets of CNY 96.3 million and net assets of CNY 96.2 million. As of December 31, 2020, Jiangyin Xingren Textile reported audited total assets of CNY 95.1 million, net assets of CNY 9.5 million. As on September 16, 2021, Jiangsu Sanfame Polyester Material Co.,Ltd. held the tenth meeting of the tenth Board of Directors and the eighth meeting of the tenth Board of Supervisors and approved the transactions unanimously.
Jiangsu Sanfame Polyester Material Co Ltd, formerly Jiangsu Sanfame Co Ltd, is a China-based company mainly engaged in the production and sales of bottle-grade polyester chips and purified terephthalic acid (PTA). The Company is also engaged in textile business, chemical business and thermal power business. The textile business is mainly engaged in the production and sales of various cotton yarns, printed and dyed fabrics, polyester-cotton fabrics, yarn-dyed fabrics, etc., as well as fabric dyeing and finishing, printing and cotton spinning processing. The chemical business is mainly engaged in the research and development, production and sales of polybutylene terephthalate (PBT) engineering plastics. Its products are used in various household appliances, electronic products and automotive plastic parts. The main products of the thermoelectric business are electricity and steam. The Company conducts its businesses within the China market and to overseas markets.
Jiangsu Sanfame Polyester Material Co.,Ltd. entered into an agreement to acquire remaining 25% stake in Jiangyin Xingren Textile Co., Ltd. from KERN AG for approximately CNY 24.1 million.
JIANGSU SANFAME POLYESTER MATERIAL CO.,LTD. 
