Tangshan Jidong Equipment Engineering Co., Ltd. agreed to acquire 85% stake in Jidong Development Group Hebei Mine Engineering Co., Ltd. from Jidong Development Group Co., Ltd. for CNY 60 million.
August 11, 2021
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Tangshan Jidong Equipment Engineering Co., Ltd. (SZSE:000856) agreed to acquire 85% stake in Jidong Development Group Hebei Mine Engineering Co., Ltd. from Jidong Development Group Co., Ltd. for CNY 60 million on August 11, 2021. In a related deal, Tangshan Jidong Equipment Engineering Co., Ltd. will transfer 36% stake in Tangshan Caofeidian Jidong Equipment Mechanical Thermal Processing Co., Ltd. to Jidong Development Group Co., Ltd. for CNY 47.6 million on August 11, 2021. Tangshan Jidong Equipment Engineering Co., Ltd. will use its 36% stake in Thermal Processing to pay for the 85% stake in Mine Engineering held by Jidong Group. The difference in price of CNY 12.7 million will be paid by Tangshan Jidong Equipment Engineering Co., Ltd. in cash to Jidong Group. Jidong Development Group Hebei Mine Engineering reported total assets of CNY 140 million and net assets of CNY 71 million for May 31, 2021.On August 11, 2021, the 32nd session of Tangshan Jidong Equipment Engineering Co., Ltd. 6th directorate approved this transaction.
Tangshan Jidong Equipment and Engineering Co., Ltd. is a China-based company principally engaged in the equipment manufacturing business. The Company's principal business includes the manufacture and installation of mechanical equipment and spare parts, electrical equipment and spare parts, as well as the civil installation and maintenance engineering business. The Company's main products include vertical mills, rotary kilns, ball mills, grate coolers and other cement machinery equipment and spare parts. The Company mainly operates its business in domestic market.
Tangshan Jidong Equipment Engineering Co., Ltd. agreed to acquire 85% stake in Jidong Development Group Hebei Mine Engineering Co., Ltd. from Jidong Development Group Co., Ltd. for CNY 60 million.