Levima Advanced Materials Corporation (SZSE:003022) entered into equity transfer agreement to acquire 8.14% stake in Jiangxi Keyuan Bio-Material Co., Ltd from Levima Group Co., Ltd. for CNY 28.5 million on September 24, 2021. The consideration will be paid in cash. Jiangxi Keyuan Bio-Material reported total assets as approximately CNY 260 million and net assets as approximately CNY 240 million for the period June 30, 2021. The company also reports revenue as CNY 0.4 million and net profit as CNY 4.9 million for the period end on December 31, 2020. The transaction is subject to approval from competent authorities, including board of Levima Advanced Materials and Levima Group. Jiangxi Keyuan Bio-Material shall complete the industrial and commercial registration modification procedures within 10 working days from the date when Levima Advanced Materials fully paid the entire transfer price, which the equity transfer shall be completed before October 30, 2021. As of September 24, 2021, the 3rd session of the companys 2nd directorate and the 3rd session of the companys 2nd supervisory Board approved the transaction. ShineWing acted as accountant to Legend Holdings Corporation.
Levima Advanced Materials Corporation (SZSE:003022) completed the acquisition of 8.14% stake in Jiangxi Keyuan Bio-Material Co., Ltd from Levima Group Co., Ltd. on September 30, 2021.