Jiangnan Industries Group Co., Ltd. cancelled the acquisition of remaining 11% stake in Xiangtan Jiangnan Industrial Co., Ltd. from Hunan Jiangnan Red Arrow Co., Ltd..
April 25, 2016
Share
Jiangnan Industries Group Co., Ltd. signed an equity transfer intent to acquire remaining 11% stake in Xiangtan Jiangnan Industrial Co., Ltd. from Hunan Jiangnan Red Arrow Co., Ltd. (SZSE:000519) on February 5, 2015. Post closing, Xiangtan Jiangnan Industrial Co., Ltd. will be a wholly owned subsidiary of Jiangnan Industries Group Co., Ltd. On February 5, 2015, Hunan Jiangnan Red Arrow's Directorate approved the transaction. Jiangnan Industries Group Co., Ltd. signed an equity transfer agreement to acquire remaining 11% stake in Xiangtan Jiangnan Industrial Co., Ltd. from Hunan Jiangnan Red Arrow Co., Ltd. (SZSE:000519) for CNY 73.8 million on October 26, 2015.
Jiangnan Industries Group Co., Ltd. cancelled the acquisition of remaining 11% stake in Xiangtan Jiangnan Industrial Co., Ltd. from Hunan Jiangnan Red Arrow Co., Ltd. (SZSE:000519) on April 26, 2016.
NORTH INDUSTRIES GROUP RED ARROW CO., LTD, formerly HUNAN JIANGNAN RED ARROW CO.,LTD, is a China-based company principally engaged in the research, development, manufacture and sale of superhard materials, intelligent ammunition products and internal combustion engine parts. The Companyâs superhard materials mainly include synthetic diamonds, cubic boron nitrides single crystal and polycrystalline series, composite materials and high-purity graphite and related products, among others. The Company's intelligent ammunition products mainly include large caliber shells, rocket bombs, missiles and submunitions, among others. The Companyâs internal combustion engine parts mainly include gasoline, diesel engine cylinder liners and pistons, among others. The Company distributes its products in domestic market and to overseas markets.
Jiangnan Industries Group Co., Ltd. cancelled the acquisition of remaining 11% stake in Xiangtan Jiangnan Industrial Co., Ltd. from Hunan Jiangnan Red Arrow Co., Ltd..