Hubei Xinyangfeng Fertilizer Co., Ltd. signed an equity transfer agreement to acquire 51% stake in Jiangsu Greenport Modern Agricultural Development Company Limited from a group of 31 individuals for approximately CNY 400 million.
July 17, 2016
Share
Hubei Xinyangfeng Fertilizer Co., Ltd. (SZSE:000902) signed an equity transfer agreement to acquire 51% stake in Jiangsu Greenport Modern Agricultural Development Company Limited from a group of 31 individuals for approximately CNY 400 million on July 17, 2016. Post-completion, Jiangsu Greenport Modern Agricultural Development Company Limited will become a holding subsidiary of Hubei Xinyangfeng Fertilizer Co. Jiangsu Greenport Modern Agricultural Development Company had total assets of CNY 301.8 million, net assets of CNY 101.3 million, sales of CNY 250.7 million, EBIT of CNY 35.2 million and net income of CNY 33.4 million for the year ended December 31, 2015. The transaction does not require the approval from the Hubei Xinyangfeng Fertilizer Co’s stockholders. As on July 17, 2016, the Directorate of Hubei Xinyangfeng Fertilizer Co approved the acquisition.
YONFER Agricultural Technology Co Ltd, formerly Xinyangfeng Agricultural Technology Co Ltd, is a China-based company principally engaged in the research, development, production and sale of phosphate compound fertilizer and new fertilizers. The Company's main products include monoammonium phosphate, potassium sulfate compound fertilizer, urea-based compound fertilizer, tower compound fertilizer, bulk blend (BB) fertilizer, organic-inorganic fertilizer and calcium superphosphate, among others. The Company also provides solutions to the modern agricultural industry. The Company distributes its products in domestic market and to overseas markets.
Hubei Xinyangfeng Fertilizer Co., Ltd. signed an equity transfer agreement to acquire 51% stake in Jiangsu Greenport Modern Agricultural Development Company Limited from a group of 31 individuals for approximately CNY 400 million.