CGN Environmental Protection Industry Co. Ltd. completed the acquisition of Jiangsu Penyao Water Development Co., Ltd. from Penyao Environmental Protection Co., Ltd..
May 10, 2023
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CGN Environmental Protection Industry Co. Ltd. singed a Share Transfer Agreement to acquire Jiangsu Penyao Water Development Co., Ltd. from Penyao Environmental Protection Co., Ltd. (SZSE:300664) for approximately CNY 300 million on April 26, 2023. Under the terms, CGN Environmental will pay 20% of the consideration within 10 working days after the agreement signing and effectivity, 30% within 10 working days after the completion of the transfer, 40% within 10 working days after the transition audit report is issued, and the remaining amount after the prerequisites are fulfilled. The transaction is approved in the 11th Meeting of Penyao Environmental's 4th Directorate held on April 26, 2023, and does not need the Shareholders' Approval. As of March 31, 2023, Jiangsu Penyao Water reported Total Assets of CNY 312.28 million and Net Assets of CNY 164.02 million.
CGN Environmental Protection Industry Co. Ltd. completed the acquisition of Jiangsu Penyao Water Development Co., Ltd. from Penyao Environmental Protection Co., Ltd. (SZSE:300664) on May 11, 2023.
Pengyao Environmental Protection Co., Ltd. is a China-based company principally involved in the environmental protection water treatment-related business. The Company operates through four main segments. The Investment and Operation segment is mainly engaged in the operation and maintenance of sewage treatment projects and water supply projects. The Engineering Contracting segment is primarily engaged in the design of water treatment projects, integration of equipment procurement, civil construction, installation and debugging and technical services, among others. The Equipment Manufacture and Sales segment is mainly involved in the sales of sewage treatment equipment, water treatment equipment and pure water treatment equipment, among others. The Design and Consultation Services segment is mainly engaged in the provision of initial design and construction design services of water treatment projects to clients.
CGN Environmental Protection Industry Co. Ltd. completed the acquisition of Jiangsu Penyao Water Development Co., Ltd. from Penyao Environmental Protection Co., Ltd..