Shanghai Worth Garden Products Co., Ltd. signed a share transfer agreement to acquire 10% stake in Warburg Energy Development Limited from Shanxi Huijing Enterprise Management Consulting Ltd. for CNY 580 million.
February 26, 2020
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Shanghai Worth Garden Products Co., Ltd. (SZSE:300483) signed a share transfer agreement to acquire 10% stake in Warburg Energy Development Limited from Shanxi Huijing Enterprise Management Consulting Ltd. for CNY 580 million on February 26, 2020. The deal is funded from proceeds of CNY 1.1 billion from private placement. Warburg Energy Development Limited had total assets of CNY 3.8 billion, net assets of CNY 1.9 billion as on December 31, 2019 and revenue of CNY 1.2 billion, operating profit of CNY 620 million, total profit of CNY 584.4 million and net profit of CNY 489.6 million in 2019. The deal is subject to the approvals of the Shareholders Meeting and the China Securities Regulatory Commission and has been approved in the 13th Meeting of the Shanghai Worth Garden Products Co., Ltd.'s 4th Directorate held on February 27, 2020.
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. signed a share transfer agreement to acquire 10% stake in Warburg Energy Development Limited from Shanxi Huijing Enterprise Management Consulting Ltd. for CNY 580 million.
SINO PRIMA GAS TECHNOLOGY CO., LTD. 
