Ningbo Huanxi Industrial Co., Ltd. signed an equity transfer agreement to acquire a 8.01% stake in Shandong Longda Meat Foodstuff Co.,Ltd. (SZSE : 002726) from Longda Foodstuff Group Co., Ltd. for approximately CNY 580 million.
June 16, 2020
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Ningbo Huanxi Industrial Co., Ltd. signed an equity transfer agreement to acquire a 8.01% stake in Shandong Longda Meat Foodstuff Co.,Ltd. (SZSE : 002726) from Longda Foodstuff Group Co., Ltd. for approximately CNY 580 million on June 15, 2020. Pursuant to the transaction, Ningbo will acquire 80 million shares at a transfer price of CNY 7.23 per share. The payment will be done in two installments. The first installment of CNY 30 million will be payable within 3 days since signing of the agreement. The rest of the compensation will be paid on the same day when change of registry procedures are completed. Post the transaction, Longda Foodstuff will hold a 7.8% stake in Shandong Longda Meat.
Shandong Longda Meishi Co Ltd, formerly Shandong Longda Meat Foodstuff Co Ltd, is a China-based company mainly engaged in meat processing business. The Company's main businesses are slaughter finishing and meat product processing. The Company's main products include raw food and high and low temperature meat products such as cold fresh meat and frozen meat, frozen preparations, casual meat products and Xuanwei ham. The Company is also engaged in pig breeding business and the import trade of meat products.
Ningbo Huanxi Industrial Co., Ltd. signed an equity transfer agreement to acquire a 8.01% stake in Shandong Longda Meat Foodstuff Co.,Ltd. (SZSE : 002726) from Longda Foodstuff Group Co., Ltd. for approximately CNY 580 million.
SHANDONG LONGDA MEISHI CO., LTD. 
