Weifu High-Technology Group Co., Ltd. completed acquisition of Borit NV from Finindus, Participatiemaatschappij Vlaanderen NV, borit Leichtbau-Technik GmbH, Dirk Bohmann and Christian Ritter for approximately CNY 320 million.
November 29, 2020
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Weifu High-Technology Group Co., Ltd. (SZSE:200581) intends to acquire Borit NV from Finindus, Participatiemaatschappij Vlaanderen NV, borit Leichtbau-Technik GmbH, Dirk Bohmann and Christian Ritter on October 27, 2020. Under the terms, Weifu High-Technology Group will acquire 660,055 shares, representing 56.89% stake from Finindus, 439,486 shares, representing 37.88% stake from Participatiemaatschappij Vlaanderen, 8,617 shares, representing 0.74% stake from borit Leichtbau-Technik, 34,731 shares, representing 2.99% stake from Dirk Bohmann and 17,302 shares, representing 1.5% stake from Christian Ritter. Weifu is acquiring Borit with its own funds. In 2019, Borit NV reported operating revenue of €13.5 million, profit of €0.7 million, total assets of €10.8 million, liabilities of €6.6 million, and net assets of €4.2 million. The foreign investment matters need to go through the approval, registration and filing procedures with the relevant government departments. The 20th meeting of the Weifu High-Technology Group ninth Board of Directors reviewed and approved this transaction unanimously on October 27, 2020. Tobias Schätzmüller of Clearwater International acted as financial advisor to shareholders of Borit NV.
Weifu High-Technology Group Co., Ltd. (SZSE:200581) completed acquisition of Borit NV from Finindus, Participatiemaatschappij Vlaanderen NV, borit Leichtbau-Technik GmbH, Dirk Bohmann and Christian Ritter for approximately CNY 320 million on November 30, 2020.
Weifu High-Technology Group Co Ltd is a China-based company principally engaged in the research, development, manufacturing, and sales of automotive parts. The Company's main products include diesel fuel injection system products, exhaust after-treatment system products and air management system products. The Company also provides fuel cell components and balance of performance (BOP) components. The Company's products are mainly used in trucks, buses, construction machinery, ships, agricultural machinery, generator sets, passenger cars, commercial vehicles, off-road machinery, agricultural machinery and generator sets, among others. The Company distributes its products in domestic market and to overseas markets.
Weifu High-Technology Group Co., Ltd. completed acquisition of Borit NV from Finindus, Participatiemaatschappij Vlaanderen NV, borit Leichtbau-Technik GmbH, Dirk Bohmann and Christian Ritter for approximately CNY 320 million.