Sinoma Science & Technology Co.,Ltd. agreed to acquire Beijing FRP Research and Design Institute Co., Ltd. from China National Building Material Assets Management Corporation for CNY 83 million.
July 30, 2019
Share
Sinoma Science & Technology Co.,Ltd. (SZSE:002080) agreed to acquire Beijing FRP Research and Design Institute Co., Ltd. from China National Building Material Assets Management Corporation for CNY 83 million on July 31, 2019. The consideration shall be paid by Sinoma Science & Technology in cash in one lump sum within 30 days from the date when Sinoma Science & Technology is registered as the shareholder of Beijing FRP Research and Design Institute Co., Ltd. at the industrial and commerce authority. Post acquisition, Beijing FRP Research and Design Institute Co., Ltd. will become wholly owned subsidiary of Sinoma Science & Technology Co.,Ltd. and indirect wholly owned subsidiary of China National Building Material Company Limited. The consideration will be satisfied by the own funds of Sinoma Science & Technology. For the year ended December 31, 2018, Beijing FRP Research and Design Institute Co., Ltd. reported net assets of CNY 32.6 million, Total assets worth CNY 74.96 million, revenue worth CNY 18 million, net profit worth CNY 32.59 million and owners equity worth CNY 30.58 million. The transaction is subject to signing of agreement, approval of board of Sinoma Science & Technology Co.,Ltd., China National Building Material Assets Management Corporation and China National Building Material Company Limited. As on July 31, 2019, the transaction has been approved by the eleventh session of the sixth Directorate of Sinoma Science. The transaction will be completed on or before October 31, 2019. Vivian Liu of DLA Piper acted as legal advisor to Sinoma Science & Technology Co., Ltd.
Sinoma Science & Technology Co., Ltd. is a China-based company, principally engaged in the research, development, manufacture and distribution of special fiber composite materials. The Company is also engaged in the provision of special fiber composite materials related technical support and equipment, as well as the trading business. The Company's products include wind turbine blades, non-alkali fiberglass and products, high pressure cylinders, glass fiber paper, high temperature filter materials, advanced composite materials and lithium battery diaphragms. The Company distributes its products within domestic market and to overseas markets.
Sinoma Science & Technology Co.,Ltd. agreed to acquire Beijing FRP Research and Design Institute Co., Ltd. from China National Building Material Assets Management Corporation for CNY 83 million.
SINOMA SCIENCE & TECHNOLOGY CO.,LTD. 
