Jia Quanchen, Jia Yulan and Jia Xiaoyu agreed to acquire additional 33.17% stake in Qingdao Evercontaining Electric Co.,Ltd from Xinyu Qingyuan Environmental Protection Investment Management Co., Ltd. for approximately CNY 380 million.
June 09, 2014 at 12:00 am EDT
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Jia Quanchen, Jia Yulan and Jia Xiaoyu agreed to acquire additional 33.17% stake in Qingdao Evercontaining Electric Co.,Ltd (SZSE:300208) from Xinyu Qingyuan Environmental Protection Investment Management Co., Ltd. for approximately CNY 380 million on June 6, 2014. Under the terms of the deal, 34.4 million shares will be acquired by Jia Quanchen, 30 million shares by Jia Yulan, 30 million shares by Jia Xiaoyu for CNY 4.03 per share. Jia Quanchen, Jia Yulan and Jia Xiaoyu currently have 5.86 million shares of Qingdao Evercontaining Electric. Post closing, Jia Quanchen will hold 14.07% stake (40.11 million shares) in Qingdao Evercontaining Electric up from 2% (5.72 million shares), Jia Yulan will hold 10.53% stake (30 million shares) in Qingdao Evercontaining Electric up from 0 and Jia Xiaoyu will hold 10.58% stake (30.14 million shares) in Qingdao Evercontaining Electric up from 0.049% (0.14 million shares). As part of the transaction, Jia Quanchen will pay CNY 138.63 million, Jia Yusan will pay CNY 120.9 million and Jia Xiaoyu will pay CNY 120.9 million.
Within 5 working days from the agreement effective date, the buyers must pay 40% of the transfer price, CNY 152.17 million to the designated account. Within 3 working days from the completion date of the share transfer delivery and change of business registration, the remaining amount of the transfer price, CNY 228.26 million to the designated account.
Qingdao Zhongzi Zhongcheng Group Co., Ltd., formerly Qingdao Hengshun Zhongsheng Group Co., Ltd., is mainly engaged in green power grids construction, electric power and new energy development, overseas mineral operation, industrial parks development, virtual reality and Internet technology research and development applications and financial investment holding businesses. The Company operates its businesses mainly in overseas markets.
Jia Quanchen, Jia Yulan and Jia Xiaoyu agreed to acquire additional 33.17% stake in Qingdao Evercontaining Electric Co.,Ltd from Xinyu Qingyuan Environmental Protection Investment Management Co., Ltd. for approximately CNY 380 million.