Shanghai Mechanical & Electrical Industry Co., Ltd. agreed to acquire 47.6% stake in Shanghai Mitsubishi Electric & Shangling Air-Conditioner and Electric Appliance Co., Ltd. from Shanghai Electric Industrial Co., Ltd. for approximately CNY 810 million.
June 11, 2020
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Shanghai Mechanical & Electrical Industry Co., Ltd. (SHSE:600835) agreed to acquire 47.6% stake in Shanghai Mitsubishi Electric & Shangling Air-Conditioner and Electric Appliance Co., Ltd. from Shanghai Electric Industrial Co., Ltd. for approximately CNY 810 million on June 12, 2020. In 2019, Shanghai Mitsubishi Electric & Shangling Air-Conditioner and Electric Appliance Co., Ltd. generated revenue of CNY 3.2 billion and net profit of CNY 110.2 million. As of December 31, 2019, Shanghai Mitsubishi Electric & Shangling Air-Conditioner and Electric Appliance Co., Ltd. had total assets of CNY 2.3 billion and net assets of CNY 1.5 billion. Transaction is subject to approval from shareholders of Shanghai Mechanical & Electrical Industry. As of June 12, 2020, transaction was approved by Board of Directors of Shanghai Mechanical & Electrical Industry. As of June 30, 2020, transaction was approved by shareholders of Shanghai Mechanical & Electrical Industry.
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. agreed to acquire 47.6% stake in Shanghai Mitsubishi Electric & Shangling Air-Conditioner and Electric Appliance Co., Ltd. from Shanghai Electric Industrial Co., Ltd. for approximately CNY 810 million.