China Yaohua Glass Group Corporation entered into share transfer agreement to acquire Puyang China National Building Materials Photovoltaic Materials Company Limited from Luoyang Glass Company Limited for CNY 326.885 million.

China Yaohua Glass Group Corporation entered into share transfer agreement to acquire Puyang China National Building Materials Photovoltaic Materials Company Limited from Luoyang Glass Company Limited (SEHK:1108) for CNY 326.885 million on November 23, 2022. Yaohua Group shall pay 10% of the Share Transfer Price to the Company within 15 working days from the effective date of the Share Transfer Agreement. Yaohua Group shall pay 40% of the Share Transfer Price to the Company before 31 December 2022.

Yaohua Group shall pay the remaining Share Transfer Price to the Company before June 30, 2023. The Share Transfer contemplated under the agreement has been approved by CNBMG or its authorized body. As on November 23, 2022, the 8th session of Luoyang Glass Company Limited‘s 10th directorate approved the transfer of Puyang China National Building Materials Photovoltaic Materials Company Limited to China Yaohua Glass Group Corporation.

This transaction still needs to be approved by Luoyang Glass Company Limited's shareholders' meeting. As on December 30, 2022, Luoyang Glass shareholders approved the transaction.