ShanDongDenghai Seeds Co.,LTD cancelled the acquisition of an additional 5% stake in Inner Mongolia Denghai Liaohe Seeds Co., Ltd. from Wang Yuanzhong, Mao Weichang, and Li Hongling Weijuan.
December 28, 2017
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ShanDongDenghai Seeds Co.,LTD (SZSE:002041) agreed to acquire an additional 5% stake in Inner Mongolia Denghai Liaohe Seeds Co., Ltd. from Wang Yuanzhong, Mao Weichang, and Li Hongling Weijuan for CNY 0.5 million on December 29, 2016. Under the terms, the buyer will acquire 3%, 1%, and 1% stakes from Wang Yuanzhong, Mao Weichang, and Li Hongling Weijuan for CNY 0.3 million, CNY 0.1 million and CNY 0.1 million respectively. After completion of the transaction, ShanDongDenghai Seeds Co.,LTD will hold 56% stake in Inner Mongolia Denghai Liaohe Seeds Co., Ltd. For the year ended December 31, 2015, Inner Mongolia Denghai Liaohe Seeds Co., Ltd. had total assets of CNY 11.21 million, net assets of CNY 9.79 million, revenue of CNY 2.07 million, operating loss of CNY 0.21 million and net loss of CNY 0.21 million. The transaction was approved by the Board of ShanDongDenghai Seeds Co.,LTD in the 7th extraordinary meeting of the 6th directorate and does not need the shareholders' approval.
ShanDongDenghai Seeds Co.,LTD (SZSE:002041) cancelled the acquisition of an additional 5% stake in Inner Mongolia Denghai Liaohe Seeds Co., Ltd. from Wang Yuanzhong, Mao Weichang, and Li Hongling Weijuan on December 29, 2017.
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 cancelled the acquisition of an additional 5% stake in Inner Mongolia Denghai Liaohe Seeds Co., Ltd. from Wang Yuanzhong, Mao Weichang, and Li Hongling Weijuan.