Sichuan Jiuzhou Electronic Co., Ltd. cancelled the acquisition of an additional 79.14% stake in Chengdu Jiuzhou Electronic Information System Co., Ltd. from Sichuan Jiuzhou Electric Group Co., Ltd., Chengdu Jiuzhou Difei Technology Co., Ltd., 55 individuals and another shareholder.
May 28, 2015 at 12:00 am EDT
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Sichuan Jiuzhou Electronic Co., Ltd. (SZSE:000801) agreed to acquire an additional 79.14% stake in Chengdu Jiuzhou Electronic Information System Co., Ltd. from Sichuan Jiuzhou Electric Group Co., Ltd., Chengdu Jiuzhou Difei Technology Co., Ltd., 55 individuals and another shareholder for approximately CNY 340 million on May 28, 2014. In a related transaction, Sichuan Jiuzhou Electronic Co., Ltd. agreed to acquire the remaining 70% stake in Sichuan Jiuzhou Air Traffic Control Technologies Co., Ltd. for approximately CNY 640 million on May 28, 2014. Under the transaction, Sichuan Jiuzhou Electronic will acquire 67.76% stake in Chengdu Jiuzhou Electronic from Sichuan Jiuzhou for CNY 292 million, 0.74% stake from Chengdu Jiuzhou Difei for CNY 3.19 million and rest from other shareholders.
The individual shareholders comprises of Li Jie, Cai Yu, Feng Xingfeng, Zhang Bing, Yuan Zhihua, Liang Xiaojun, Luo Laisuo, Qiao Deqiang, Fan Mingrong, Liu Chuanjie, Hu Tianjun, Hu Wenrong, Fang Chonggui, Yang Liu, Gao Kai, He Wen, Kang Yihui, Song Xiaotong, Ouyang Shan, Deng Yongqiang, Shui Rong, Luo Dong, Guo Yong, Nie Chaofeng, Yang Ning, Zhu Gang, Wang Xingwei, Min Kun, Wang Chuanqing, Zhang Huadong, Liu Jiankang, Heng Yanrong, Li Gang, Huang Bin, Huang Jun, Wang Xin, Li Jianghong, Liu Shuangqiao, You Qiang, Chen Siwei, Jia Peng, Luo Changjiang, Li Tianxing, Kan Nenghua, Wang Jishi, Wang Xiangyang, Liu Lingling, Xing Baozhen, Liu Li, Wang Zhigang, Yan Shibo, Zhu Yi, Guo Jun, Deng Liangjun and Peng Sen
Sichuan Jiuzhou Electronic will issue 95 million shares at a price of CNY 13.6 per share for gross proceeds of CNY 1.29 billion to fund the transactions. The transaction is subject to Sichuan Jiuzhou Electronic's shareholder's approvals. The transaction has been approved by shareholders of Sichuan Jiuzhou Electronic and Board of Directors of Sichuan Jiuzhou Electronic with 4 concurring votes, 0 opposing and abstaining votes.
Sichuan Jiuzhou Electronic Co., Ltd. (SZSE:000801) cancelled the acquisition of an additional 79.14% stake in Chengdu Jiuzhou Electronic Information System Co., Ltd. from Sichuan Jiuzhou Electric Group Co., Ltd., Chengdu Jiuzhou Difei Technology Co., Ltd., 55 individuals and another shareholder on May 28, 2015.
Sichuan Jiuzhou Electric Co Ltd is a China-based company mainly engaged in the research, development, manufacturing, and sales of intelligent terminal products, air traffic control products, and microwave and radio frequency products. The Company operates five segments. Intelligent Terminal Products segment provides video fusion intelligent terminal and data communication terminal. Air Traffic Control Products segment provides air traffic control system, radar system, communication system, navigation system, and monitoring system, among others. Microwave and Radio Frequency Products segment provides Microwave and Radio Frequency devices, components, modules, machine, system and solutions. Plastic Products segment provides plastic products. Property Services Products segment provides property management services.
Sichuan Jiuzhou Electronic Co., Ltd. cancelled the acquisition of an additional 79.14% stake in Chengdu Jiuzhou Electronic Information System Co., Ltd. from Sichuan Jiuzhou Electric Group Co., Ltd., Chengdu Jiuzhou Difei Technology Co., Ltd., 55 individuals and another shareholder.
SICHUAN JIUZHOU ELECTRONIC CO., LTD. 
