Wuxi Public Utilities Industrial Group Co., Ltd. cancelled the acquisition of 8.78% stake in Nanfang Zhongjin Environment Co., Ltd. from Shen Jinhao and Shen Jieyong.
November 06, 2019
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Wuxi Public Utilities Industrial Group Co., Ltd. signed an equity transfer letter of intent to acquire 8.78% stake in Nanfang Zhongjin Environment Co., Ltd. (SZSE:300145) from Shen Jinhao and Shen Jieyong for approximately CNY 750 million on November 7, 2018. Shen Jinhao will transfer 127.87 million shares in Nanfang Zhongjin Environment representing a 6.65% stake while Shen Jieyong will transfer 40.97 million shares representing a 2.13% stake to Wuxi Public Utilities Industrial Group Co., Ltd. At the same time, the letter of intent stipulates that after approval from the State-owned assets supervision and administration department, the definitive formal agreement to be signed will add the stipulation of the entrustment of the voting rights of 192.34 million shares held by Shen Jinhao. Recently Nanfang Zhongjin received the approval from the Wuxi Municipal Government to transfer some shares and obtain control rights.
Wuxi Public Utilities Industrial Group Co., Ltd. cancelled the acquisition of 8.78% stake in Nanfang Zhongjin Environment Co., Ltd. (SZSE:300145) from Shen Jinhao and Shen Jieyong on November 7, 2019.
Nanfang Zhongjin Environment Co., Ltd., formerly Nanfang Pump Industry Co., Ltd., is a China-based company principally engaged in the research, development, manufacture and distribution of centrifugal pumps and other water supply equipment. The Companyâs main products include CDL series centrifugal pumps, CHL series centrifugal pumps, complete sets of water supply equipment, sewage pumps, pipe pumps, axially split pumps, fire pumps, metering pumps, oil pumps and deep well pumps, among others. The Company's products are used in clean water treatment, building water supply, heat supply system, pharmaceutical and electronic cleaning industries. The Company distributes its products in domestic market and to overseas markets.
Wuxi Public Utilities Industrial Group Co., Ltd. cancelled the acquisition of 8.78% stake in Nanfang Zhongjin Environment Co., Ltd. from Shen Jinhao and Shen Jieyong.