China Guangxia Group completed the acquisition of 90% stake in Shaanxi Guangfu Properties Development Co., Ltd. from Zhejiang Guangsha Co., Ltd.(SHSE:600052).
August 18, 2015 at 12:00 am EDT
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Shaanxi Boda Investment Management Co., Ltd. agreed to acquire 90% stake in Shaanxi Guangfu Properties Development Co., Ltd. from Zhejiang Guangsha Co., Ltd.(SHSE:600052) for approximately CNY 330 million on October 16, 2013. The consideration will be paid as 55% of consideration amount to be paid within 5 working days after the signing of the share transfer contract and remaining 45% stake to be paid within 5 working days after a year from signing of the share transfer agreement. Shaanxi Guangfu Properties reported revenue of CNY 467.65 million, net profit of CNY 102.14 million, total assets of CNY 1.29 billion, net assets of CNY 88.62 million for year ended December 31, 2012.
The transaction requires approval of the shareholders of Zhejiang Guangsha in a meeting to be held on November 5, 2013. The transaction was approved by the Board of Zhejiang Guangsha on October 16, 2013. As on November 5, 2013, Zhejiang Guangsha's shareholders approved the merger. On August 15, 2015, Zhejiang Guangsha Co., Ltd. held the 6th meeting of the 8th Directorate and approved the proposal. On September 9, 2015, Zhejiang Guangsha Co., Ltd. held 2nd special shareholders meeting and approved the proposal.
China Guangxia Group completed the acquisition of 90% stake in Shaanxi Guangfu Properties Development Co., Ltd. from Zhejiang Guangsha Co., Ltd.(SHSE:600052) on August 18, 2015.
Zhejiang Dongwang Times Technology Co Ltd, formerly Zhejiang Guangsha Co Ltd, is a China-based company principally engaged in film and television cultural businesses, including the investment, production, distribution of television dramas, as well as related derivatives. The Company is also engaged in the development and sales of real estates. The Company mainly conducts its business within domestic market.
China Guangxia Group completed the acquisition of 90% stake in Shaanxi Guangfu Properties Development Co., Ltd. from Zhejiang Guangsha Co., Ltd.(SHSE: 600052).