Xiamen Tungsten Co., Ltd. (SHSE:600549) agreed to acquire additional 10% in Xiamen Golden Egret Special Alloy Co.,Ltd from Sandvik Machining Solutions AB for CNY 490 million on May 13, 2020. Post completion Xiamen tungsten will hold 70% stake and Sandvik will not hold any stake in Xiamen Golden. The Board of Xiamen Tungsten approved the transaction on May 14, 2020. As on May 29, 2020, the transaction was approved by the shareholders of Xiamen Tungsten Co., Ltd. In 2019, Xiamen Golden recorded revenue of CNY 3.1773648 billion, total assets of CNY 3.9030625 billion, Net profit of CNY 264.8122 million and total common equity of CNY 2.4 billion. The deal is expected to close during the summer of 2020. Ernst & Young acted as financial advisor to Sandvik Machining Solutions AB.
Xiamen Tungsten Co., Ltd. (SHSE:600549) completed the acquisition of additional 10% in Xiamen Golden Egret Special Alloy Co.,Ltd from Sandvik Machining Solutions AB on July 1, 2020. The transaction was approved in the second shareholders meeting of Xiamen Tungsten. Xiamen Golden Egret obtained the notice on the approval of the registration modification and the revised business license issued by the Market Supervision Administration of Xiamen.