JEA Limited completed acquisition of 10% interest in Shanghai Ri Yong-Jea and 10% in Changchun Ri Yong Jea and 10% in Chengdu Ri Yong Jea.
September 14, 2016
Share
JEA Limited entered into an agreement to acquire additional 10% interest in Shanghai Ri Yong-Jea and 10% in Changchun Ri Yong Jea and 10% in Chengdu Ri Yong Jea for approximately CNY 130 million on July 14, 2016. Out of total consideration, CNY 38.5 million has been paid to Shanghai Mechanical's bank account of Shanghai Exchange on July 6, 2016 and remaining CNY 89.8 million will be payable to the account within five business days upon obtaining the approval from the Shanghai Municipal Commission of Commerce. The total consideration will be financed from internal cash reserves. On completion, Johnson Electric will increase attributable interests in Shanghai Ri Yong-Jea, Changchun Ri Yong Jea, Chengdu Ri Yong Jea from 60% to 70%. The transaction is subject to regulatory approval.
As on August 13, 2016, JEA acquired 10% stake in Shanghai Ri Yong-Jea Gate Electric Co., Ltd. for CNY 125.53 million, 5% stake in Changchun Ri Yong JEA Gate Electric Co., Ltd. for CNY 1.4601 million and 5% stake in Chengdu Ri Yong JEA Gate Electric. Co., Ltd. for CNY 1.2708 million.
JEA Limited completed acquisition of 10% interest in Shanghai Ri Yong-Jea and 10% in Changchun Ri Yong Jea and 10% in Chengdu Ri Yong Jea on September 15, 2016.
Shanghai Mechanical & Electrical Industry Co., Ltd. is principally engaged in the manufacture and distribution of mechanical and electrical equipment. The Company provides lifts and escalators, printing and packaging machines, refrigeration and air conditioning equipment, welding equipment, engineering machineries, wood-based panel machineries, energy engineering, hydraulic and pneumatic products and electrical equipment. The Company distributes its products within domestic market and to overseas markets.
SHANGHAI MECHANICAL & ELECTRICAL INDUSTRY CO.,LTD. 
