Zhangjiagang Industrial Capital Investment Co., Ltd. signed a share transfer agreement to acquire 10.11% stake in Qu Mei Home Furnishings Group Co.,Ltd from Zhao Ruihai and Zhao Ruibin for approximately CNY 330 million.
March 03, 2020
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Zhangjiagang Industrial Capital Investment Co., Ltd. signed a share transfer agreement to acquire 10.11% stake in Qu Mei Home Furnishings Group Co.,Ltd (SHSE:603818) from Zhao Ruihai and Zhao Ruibin for approximately CNY 330 million on March 3, 2020. Under the terms, Zhangjiagang Industrial Capital Investment will acquire 25 million shares from Zhao Ruihai and 24.5 million shares from Zhao Ruibin for CNY 6.77 per share resulting in consideration of CNY 169 million and CNY 166 million respectively. 60% of the transactional price will be paid within 5 days since approval from the Shanghai Stock Exchange and 40% of the transactional price will be paid within 2 days from completion of change of registry procedures. After the acquisition, change in equity will not cause the Qu Mei Home Furnishings Group controlling shareholder to change, nor will it cause the Qu Mei Home Furnishings Group control to change.
QuMei Home Furnishings Group Co., Ltd. is a China-based company engaged in the design, manufacture and sale of medium and high grade home furnishing and matching home accessories. The Company provides the customers with integrated home solutions. The Company's main product is wooden furniture, which consist of solid wood furniture, man-made board furniture and integrated furniture. Addition to the main furniture for the living room, study, bedroom, diner room, childrenâs room and customized purpose, the Company also provides mattress, curtains and other home accessories.
Zhangjiagang Industrial Capital Investment Co., Ltd. signed a share transfer agreement to acquire 10.11% stake in Qu Mei Home Furnishings Group Co.,Ltd from Zhao Ruihai and Zhao Ruibin for approximately CNY 330 million.