Shanghai Yaohua Pilkington Glass Group Co., Ltd. (SHSE:900918) entered into Equity Transfer Agreement to acquire Agc Flat Glass (Dalian) Inc. from AGC Inc. (TSE:5201) for approximately CNY 310 million on December 23, 2022. Under the terms of transaction, the buyer will pay in cash in three installments, In first the buyer will pay an amount equivalent to eighty percent (80%) of the delivery equity value will be paid to the bank account designated by the seller on the delivery date and in second installment, the buyer will pay an amount equivalent to ten percent (10%) of the value of the delivery equity to the supervisory agent in the bank according to the supervision agreement on the delivery date. When the opened escrow account expires within 12 months from the delivery date, the buyer and the seller instruct the escrow agent to release the payment to the bank account designated by the seller and final The third payment is within thirty (30) days after the Closing Date.

For the year ended December 31, 2022, Agc Flat Glass reported total assets of CNY 410 million, net assets of CNY 183 million, net sales of CNY 472 million, operating income of CNY 25 million and net income of CNY 25 million. The acquisition has been reviewed and approved at the meeting of the board of directors of Shanghai Yaohua Pilkington Glass Group. Transaction does not require the approval of the general meeting of shareholders.

The transaction is expected to complete on April 3, 2022. Hideyuki Tozawa, Jeffrey Wang, Toshiaki Yokohara, Dorothy Cai, Masafumi Fukushi and Kevin Lu of BDA Partners acted as financial advisor to AGC Inc.