Shanghai Worth Garden Products Co., Ltd. agreed to acquire additional 7% stake in Warburg Energy Development Limited from Shanxi Huijing Enterprise Management Consulting Ltd. for approximately CNY 410 million.
June 24, 2020
Share
Shanghai Worth Garden Products Co., Ltd. (SZSE:300483) agreed to acquire an additional 7% stake in Warburg Energy Development Limited from Shanxi Huijing Enterprise Management Consulting Ltd. for approximately CNY 410 million on June 25, 2020. As a result of the transaction, Shanghai Worth will hold 57.5% stake in Warburg Energy. Shanghai Worth agrees to pay the first phase of the equity transfer price of CNY 30 million within 5 working days after the entry into force of this agreement. The remaining equity transfer price is the second-phase equity transfer price and shall be paid after the completion of the industrial and commercial change registration of the Warburg Energy's equity and no later than December 31, 2020.
For the year ended December 31, 2019, Warburg Energy reported total assets of CNY 3.82 billion and owners’ equity of CNY 1.87 billion, revenue of CNY 1.22 billion, operational profit of CNY 620.01 million and net profit of CNY 489.63 million. The transaction is approved by board of directors of Shanghai Worth and subject to approval by shareholders of Shanghai Worth.
Sino Prima Gas Technology Co Ltd, formerly Shanghai Worth Garden Co Ltd, is a China-based company mainly engaged in the natural gas business and the research and development, production and sales of gardening products. The Company's natural gas business includes natural gas exploration, development, production and sales. The Companyâs gardening products market segment mainly includes hand tools, decorations, irrigation, machinery and materials gardening products, such as scissors, shovels, handsaws, rakes, lawn mowers, croppers, hedge trimmers, grass trimmers, electric chain saws and others. It also provides services such as gardening design, engineering construction and greening maintenance services. The Company conducts its businesses within the China market and overseas markets.
Shanghai Worth Garden Products Co., Ltd. agreed to acquire additional 7% stake in Warburg Energy Development Limited from Shanxi Huijing Enterprise Management Consulting Ltd. for approximately CNY 410 million.