Hangzhou Boiler Group Co., Ltd. cancelled the acquisition of an additional 11.3% stake in Zhejiang Xizi United Engineering Co., Ltd. from Hangzhou Yueji Energy Saving Technology Co., Ltd.
September 17, 2016
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Hangzhou Boiler Group Co., Ltd. (SZSE:002534) agreed to acquire an additional 11.3% stake in Zhejiang Xizi United Engineering Co., Ltd. from Hangzhou Yueji Energy Saving Technology Co., Ltd. for CNY 22.5 million on September 18, 2015. On completion, Hangzhou Boiler will own 71.8% stake in Zhejiang Xizi United Engineering. Hangzhou Boiler will use own funds to pay for consideration. Zhejiang Xizi United Engineering reported total assets of CNY 691.37 million, net assets of CNY 254.31 million, operating revenues of CNY 298.65 million and net profit of CNY 20.94 million as of December 31, 2014. The deal was approved by the Board of Directors of Hangzhou Boiler Group on September 18, 2015. The transaction does not require approval from shareholders of Hangzhou Boiler Group Co., Ltd.
Hangzhou Boiler Group Co., Ltd. (SZSE:002534) cancelled the acquisition of an additional 11.3% stake in Zhejiang Xizi United Engineering Co., Ltd. from Hangzhou Yueji Energy Saving Technology Co., Ltd. on September 18, 2016.
Xizi Clean Energy Equipment Manufacturing Co Ltd, formerly Hangzhou Boiler Group Co Ltd, is a China-based company mainly engaged in consulting, research and development, production, sales, installation and general contracting of waste heat boilers, clean and environmentally friendly energy power generation equipment and other products. The Company provides customers with energy-saving and environmental protection equipment and overall solutions for energy utilization. The Company's main products include industrial boilers, waste heat boilers, power station boilers, components and power station auxiliary equipment. The Company is also involved in trading service business. The Company distributes its products in the domestic market and to overseas markets.
Hangzhou Boiler Group Co., Ltd. cancelled the acquisition of an additional 11.3% stake in Zhejiang Xizi United Engineering Co., Ltd. from Hangzhou Yueji Energy Saving Technology Co., Ltd.