Shanghai Pengxin Group Co., Ltd. signed Framework Agreement on Equity and Asset Transfer to acquire 69.24% stake of Dakang Meat Products Co., Ltd and 100% stake of Huaihua Xinmao Animal Husbandry Co., Ltd. from Pengdu Agriculture & Animal Husbandry Co., Ltd..
December 30, 2020
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Shanghai Pengxin Group Co., Ltd. signed Framework Agreement on Equity and Asset Transfer to acquire 69.24% stake of Dakang Meat Products Co., Ltd and 100% stake of Huaihua Xinmao Animal Husbandry Co., Ltd. from Pengdu Agriculture & Animal Husbandry Co., Ltd. (SZSE:002505) on December 29, 2020. Pursuant to the terms, Pengdu Agriculture & Animal Husbandry Co., Ltd. will holds 88.24% stake in Dakang Meat Products Co., Ltd and 100% stake in Huaihua Xinmao Animal Husbandry Co., Ltd. Dakang Meat Products Co., Ltd reported total assets of CNY 1,067.96 million and net assets of CNY 563.025 million for January-November 2020. Huaihua Xinmao Animal Husbandry Co., Ltd. reported Total assets of CNY 78.31 million and net assets of CNY 71.83 million for January-November 2020. All unrelated directors at the eighth meeting of the seventh board of directors of Pengdu Agriculture & Animal Husbandry Co., Ltd reviewed and approved the transaction and it does not need to be submitted to the shareholders meeting for deliberation.
Pengdu Agriculture & Animal Husbandry Co Ltd, formerly HUNAN DAKANG INTERNATIONAL FOOD & AGRICULTURE CO LTD, is a China-based company, principally engaged in the trading of proteins. The Company is also engaged in livestock breeding and non-staple food processing. The Company's products include feeds, live pigs, sheep, slaughtered meat products, milk and commodities. The Company distributes its products within domestic market and to overseas markets.
Shanghai Pengxin Group Co., Ltd. signed Framework Agreement on Equity and Asset Transfer to acquire 69.24% stake of Dakang Meat Products Co., Ltd and 100% stake of Huaihua Xinmao Animal Husbandry Co., Ltd. from Pengdu Agriculture & Animal Husbandry Co., Ltd..