Yuan Zhongxue signed a share transfer agreement to acquire 5.40% stake in Sailun Group Co., Ltd. from Du Yudai for approximately CNY 710 million.
November 04, 2020
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Yuan Zhongxue signed a share transfer agreement to acquire 5.40% stake in Sailun Group Co., Ltd. from Du Yudai for approximately CNY 710 million on November 4, 2020. The consideration shall be paid in two installments, first installment of CNY 400 million within five working days after this agreement is signed and second installment of CNY 312 million, Within 5 working days after the relevant conditions are met. Currently, Du Yudai held 9.54% stake in Sailun Group Co., Ltd. and Yuan Zhongxue holds 2.48% stake. Post completion, Yuan Zhongxue will directly hold 7.49% stake and Du Yudai will hold 4.21% stake in Sailun Group Co., Ltd.
Sailun Group Co., Ltd., formerly SAILUN JINYU GROUP CO., LTD., is a China-based company principally engaged in the research and development, manufacture and distribution of tires. The Company's main products include passenger car tires, light truck and sport utility vehicle tires, truck and bus tires, construction machinery vehicle tires and tire recycling products. The Company is also engaged in the development and distribution of radial tyre manufacturing techniques. The Company distributes its products within domestic market and to overseas markets.