Zhejiang Property Financial Leasing Co. Ltd. announced that it expects to receive CNY 207.78 million in funding from Zhejiang Material Industrial Zhongda Yuantong Group Co., Ltd. and other investors.
November 19, 2013 at 11:00 pm EST
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Zhejiang Property Financial Leasing Co. Ltd. announced that it will receive CNY 207,777,800 in equity funding on November 20, 2013. The transaction will include participation from new investor, Zhejiang Material Industrial Zhongda Yuantong Group Co., Ltd, which will invest CNY 192,666,700 and management of the company, which will invest CNY 15,111,100. Zhejiang Products Industrial Holding (group) Co., Ltd. agreed to give up its pre-emptive rights to this capital increase. Zhejiang Products Industrial Holding (group) Co., Ltd. presently holds 100% stake of the company. On closing of the transaction, Zhejiang Material Industrial Zhongda Yuantong Group Co., Ltd will gain 51% stake, management will acquire 4% stake and Zhejiang Products Industrial Holding (group) Co., Ltd. will hold 45% stake of the company. The registered capital of the company will increase from CNY 170,000,000 to CNY 377,777,800. CNY 192,666,700 of the capital increase will be injected into the registered capital of company and the remaining will be injected into the capital reserve. This transaction requires the approval of the Zhejiang Provincial People's Government State-owned Assets Supervision and Administration Commission.
On November 21, 2013, the company announced that the transaction has been approved in 16th session of the 6th directorate meeting of Zhejiang Material Industrial Zhongda Yuantong Group Co., Ltd.
On June 30, 2014, the company announced that the transaction has been approved by the State-owned Assets Supervision and Administration Commission of the People's Government of Zhejiang Province.
Wuchan Zhongda Group Co., Ltd., formerly ZHEJIANG MATERIAL INDUSTRIAL ZHONGDA YUANTONG GROUP CO., LTD., is principally engaged in automobile business, real estate business, international trading business, mechanical and electrical business, as well as financial business. The Company operates its businesses mainly through the sale of automobiles, future business, the development of residential and commercial buildings, the trading of apparels, textile products, mechanical and electrical products.
Zhejiang Property Financial Leasing Co. Ltd. announced that it expects to receive CNY 207.78 million in funding from Zhejiang Material Industrial Zhongda Yuantong Group Co., Ltd. and other investors.