NBTM New Materials Group Co., Ltd. signed the letter of intent to acquire 75% stake in Shanghai Future High-Tech Co., Ltd. from Shanghai Zhongyu Enterprise Development Co., Ltd., Zhong Wei, Yu Ligang and Shanghai Chuangjing Investment Consulting Partnership (Limited Partnership) for CNY 1.0 billion.
January 13, 2020
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NBTM New Materials Group Co., Ltd. (SHSE:600114) signed the letter of intent to acquire 75% stake in Shanghai Future High-Tech Co., Ltd. from Shanghai Zhongyu Enterprise Development Co., Ltd., Zhong Wei, Yu Ligang, Director of Shanghai Future High-Tech and Shanghai Chuangjing Investment Consulting Partnership (Limited Partnership) on December 11, 2019. NBTM New Materials Group Co., Ltd. (SHSE:600114) signed the share transfer agreement to acquire 75% stake in Shanghai Future High-Tech Co., Ltd. from Shanghai Zhongyu Enterprise Development Co., Ltd., Zhong Wei, Yu Ligang and Shanghai Chuangjing Investment Consulting Partnership (Limited Partnership) for CNY 1.04 billion on January 14, 2020. Under the terms, NBTM will acquire 6.35% stake from Zhong Wei, 49.76% stake from Shanghai Zhongyu, 9.27% stake from Shanghai Chuangjing and 9.62% stake from Yu Ligang. As of September 30, 2019, Shanghai Future High-Tech reported total assets of CNY 1305.42 million and net assets of CNY 731.29 million. Yu Ligang shall resign as Director of Shanghai Future High-Tech. The transaction is subject to approval from the shareholders of NBTM New Materials. The meeting will be held on January 17, 2020. The transaction was approved at the fourth meeting of the 7th directorate of NBTM New Materials. As of February 5, 2020, the transaction was approved by the shareholders of NBTM New Materials Group Co., Ltd. As of February 14, 2020, NBTM New Materials completed partial acquisition and holds 67.79% stake in Shanghai Future High-Tech.
NBTM New Materials Group Co., Ltd. is a China-based company principally engaged in the production and sales of powder metallurgy machinery parts and soft magnetic materials. The Company's powder metallurgy machinery products include automotive parts, motorcycle parts and home appliance parts. The Company's powder metallurgy machinery parts are mainly applied in engines, gearboxes, chassis, compressors of air conditioners and refrigerators and motorcycle clutches. The Companyâs soft magnetic materials include gold powder, iron cores and alloy magnetic powder cores, among others, which are used for electrical equipment and electronic equipment. The Company distributes its products in domestic market and to overseas markets, including the North America, Europe, Japan, Korea and other areas.
NBTM New Materials Group Co., Ltd. signed the letter of intent to acquire 75% stake in Shanghai Future High-Tech Co., Ltd. from Shanghai Zhongyu Enterprise Development Co., Ltd., Zhong Wei, Yu Ligang and Shanghai Chuangjing Investment Consulting Partnership (Limited Partnership) for CNY 1.0 billion.