FANALONE B.V. cancelled the acquisition of 50% stake in Shandong Head Europe BV from Shandong Head Co.,Ltd. for €0.66 million.
March 10, 2020
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FANALONE B.V. intends to acquire the remaining 50% stake in Shandong Head Europe BV from Shandong Head Co.,Ltd. (SZSE:002810) for €0.66 million on March 11, 2019. Post completion, Shandong Head Co. will cease to hold any stake in Shandong Head Europe joint venture. For the year ended December 2018, Shandong Head Europe reported net assets of €7.3 million, €106 million in revenue, €0.38 million of operating loss, €0.21 million of net loss, and €31.7 million total assets. The transaction has been approved by the Board of Directors of Shandong Head Co. Ltd.
FANALONE B.V. cancelled the acquisition of 50% stake in Shandong Head Europe BV from Shandong Head Co.,Ltd. (SZSE:002810) for €0.66 million on March 11, 2020.
Shandong Head Group Co Ltd, formerly Shandong Head Co Ltd, is a China-based company mainly engaged in development, manufacture and sales of water-soluble polymer. The main product of the Company is non-ionic cellulose ether. The Company also manufactures methyl cellulose (MC), hydroxyl ethyl cellulose (HEC), methyl hydroxyl ethyl cellulose (MHEC), hydroxyl propyl celiulose (HPC) and others. The Company's products are widely used in building materials, medicine, food, textiles, daily chemicals, petroleum exploration, mining, papermaking, polymerization, aerospace and other fields. The Company distributes its products in domestic market and to overseas markets.
SHANDONG HEAD GROUP CO.,LTD. 
