Zhejiang Busen Garments Co., Ltd. announced that it expects to receive CNY 271.74687 million in funding from Shaanxi Huaxia Xianhe Enterprise Development Co., Ltd
August 17, 2021
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Zhejiang Busen Garments Co., Ltd. announced that it has entered into a share subscription agreement with Shaanxi Huaxia Xianhe Enterprise Development Co., Ltd for private placement of not more than 43,203,000 A shares at a price of CNY 6.29 per share for gross proceeds of not more than CNY 271,746,870 on August 18, 2021. The investor will hold 23.08% stake in the company. The shares are subject to a hold period of 36 months. The transaction has been approved at the twelfth meeting of the sixth board of directors of the company and sixth meeting of the sixth board of supervisors and is subject to its shareholder's approval and China Securities Regulatory Commission.
On August 18, 2021, the company announced it has signed voting rights entrustment agreement with Wang Chunjiang irrevocably entrusted the corresponding voting rights of the 60% shares of the company.
ZHEJIANG BUSEN GARMENTS CO., LTD. is a China-based company principally engaged in the design, production and sales of menswear. The Company's main products include shirts, suits, pants, jackets and sweaters. The Company owns the brand name of Busen. The Company distributes its products in domestic market and to overseas markets.
Zhejiang Busen Garments Co., Ltd. announced that it expects to receive CNY 271.74687 million in funding from Shaanxi Huaxia Xianhe Enterprise Development Co., Ltd