ShanDongDenghai Seeds Co.,LTD agreed to acquire an additional 5% stake in Shaanxi Denghai Dixing Seeds Co., Ltd from Tian Jianguo, Wu Shuke, Li Hongsheng, and Deng Jiang for CNY 0.
December 29, 2016
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ShanDongDenghai Seeds Co.,LTD (SZSE:002041) agreed to acquire an additional 5% stake in Shaanxi Denghai Dixing Seeds Co., Ltd from Tian Jianguo, Wu Shuke, Li Hongsheng, and Deng Jiang for CNY 0 on December 29, 2016. Under the terms, ShanDongDenghai Seeds Co.,LTD will acquire 2%, 1%, 1%, and 1% stake from Tian Jianguo, Wu Shuke, Li Hongsheng, and Deng Jiang, respectively. Post completion, ShanDongDenghai Seeds Co.,LTD will hold 56% stake in Shaanxi Denghai Dixing Seeds Co., Ltd. In related transactions, ShanDongDenghai Seeds Co.,LTD agreed to acquire additional 5% stake in each of the four companies. For the year ended December 31, 2015, Shaanxi Denghai Dixing Seeds Co., Ltd reported revenues of CNY 1.89 million, total assets of CNY 10.51 million, operating loss of CNY 0.84 million, net loss of CNY 0.84 million and net assets of CNY 8.66 million. The transaction was approved by the Board of ShanDongDenghai Seeds Co.,LTD and does not need any shareholders' approval.
Shandong Denghai Seeds Co., Ltd specializes in producing and marketing corn, vegetables and wheat seeds. The group's products are sold under the Denghai and Xiyu brands. Net sales break down by family of products as follows:
- corn (88.8%);
- wheat (7.1%);
- vegetables (2%);
- flowers (0.4%);
- other (1.7%).
All sales are earned in China.
ShanDongDenghai Seeds Co.,LTD agreed to acquire an additional 5% stake in Shaanxi Denghai Dixing Seeds Co., Ltd from Tian Jianguo, Wu Shuke, Li Hongsheng, and Deng Jiang for CNY 0.
SHANDONGDENGHAI SEEDS CO.,LTD 
