Sinoma Science & Technology Co., Ltd. agreed to acquire remaining 20% stake in Beijing Composite Materials Co., Ltd. for approximately CNY 180 million.
December 03, 2019
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Sinoma Science & Technology Co., Ltd. (SZSE:002080) agreed to acquire remaining 20% stake in Beijing Composite Materials Co., Ltd. for approximately CNY 180 million on December 3, 2019. Upon completion, Beijing Composite Materials Co., Ltd. will become wholly-owned subsidiary of Sinoma Science & Technology Co., Ltd. Sinoma Science & Technology Co., Ltd. using internal source to fund the transaction. For the year ended December 31, 2018, Beijing Composite Materials Co., Ltd. reported total assets of CNY 826.6 million, total common equity of CNY 45.3 million, total revenue of CNY 491.2 million. The transaction has been approved by Board of Directors of 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. 
