Luoyang Glass Company Limited (SEHK:1108) entered into a share transfer agreement to acquire remaining 40% stake in Qinhuangdao North Glass Co., Ltd. from China Yaohua Glass Group Corporation for CNY 163.87 million on November 23, 2022. The transfer price will be paid by Luoyang Glass Company Limited in three installments, the first installment within fifteen working days from the effective date of this agreement, Luoyang Glass Company Limited shall pay China Yaohua Glass Group Corporation 10% of the equity transfer price, the second installment before December 31, 2022, Luoyang Glass Company Limited shall pay China Yaohua Glass Group Corporation 40% of the equity transfer price, the third installment Before June 30, 2023, Luoyang Glass Company Limited shall pay China Yaohua Glass Group Corporation the remaining equity transfer price. As of December 2021, Qinhuangdao North Glass reported operating income of CNY 465.91 million, total assets of CNY 558.38 million, net income of CNY 126.206 million and net assets of CNY 327.87 million.

Gram Capital Limited acted as financial advisor to Independent Board Committee and the Independent Shareholders of Luoyang Glass Company. On November 23, 2022, the 8th session of Luoyang Glass Company LimitedÆs 10th directorate approved the acquisition of 40% stake in North Glass. This transaction still needs to be approved by Luoyang Glass Company LimitedÆs shareholdersÆ meeting.

As on December 30, 2022, Luoyang Glass shareholders approved the transaction.