Weifang Financial Holding Group intent to acquire 8.2% stake in Shandong Tongda Island New Materials Co.,Ltd. from Shandong Tongda Group Co., Ltd.
June 09, 2021
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Weifang Financial Holding Group intent to acquire 8.2% stake in Shandong Tongda Island New Materials Co.,Ltd. (SZSE:300321) from Shandong Tongda Group Co., Ltd. on June 10, 2021. Weifang Financial Holding Group signed an agreement to acquire 8.2% stake in Shandong Tongda Island New Materials Co.,Ltd. (SZSE:300321) from Shandong Tongda Group Co., Ltd. on August 6, 2021. Weifang Financial Holding Group will acquire 7.2 million shares. Shandong Tongda Group Co., Ltd. delegates 19.3 million shares and other non-property rights unconditionally, exclusively and irrevocably to Weifang Financial Holding Group for the exercise of voting rights, proposal rights and other non-property rights. The voting rights of the remaining 2.5 million shares of the listed company held by Weifang Financial Holding Group shall continue to be enjoyed by Weifang Financial Holding Group. due diligence shall be completed within 20 working days. Within 10 working days after the due diligence, share transfer agreement shall be signed. Within 5 working days from the effective date of the Share Transfer Agreement, Weifang Financial Holding Group and Shandong Tongda Group Co., Ltd. shall submit the application documents for the transfer of the underlying share agreement to the Shenzhen Stock Exchange. On August 24, 2021, the Weifang Municipal Finance Bureau issued the Approval on Approving the Transfer.
Shandong Tongda Island New Material Co Ltd is a China-based company principally engaged in the research, development, manufacturing, and sales of ultra-fiber man-made leather. The Company's main products include ultra-fiber suede leather, ultra-fiber smooth leather, ultra-fiber base fabric, and others. The Company's products are mainly used in footwear, sofa, home furnishings, sporting goods, engineering decorations, automotive interiors, handbags, cases, and apparels, among others. The Company distributes its products in the domestic market and to overseas markets.