Guangsha Holding Group Co., Ltd. agreed to acquire Zhejiang Tiandu Industrial Co., Ltd. from Zhejiang Guangsha Co., Ltd. for CNY 1.8 billion.
June 04, 2018
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Guangsha Holding Group Co., Ltd. agreed to acquire Zhejiang Tiandu Industrial Co., Ltd. from Zhejiang Guangsha Co., Ltd. (SHSE:600052) for CNY 1.5 billion on May 30, 2018. Parties have signed equity transfer agreement on June 4, 2018. Consideration will be paid in cash. As of July 27, 2018, the parties have signed a supplementary agreement pursuant to which the consideration has been revised to CNY 1.8 billion. For the year ended December 31, 2017, Zhejiang Tiandu Industrial Co., Ltd. had revenue of CNY 634.7 million, operating profit of CNY 9.5 million and net profit of CNY 54.1 million. As on December 31, 2017, Zhejiang Tiandu Industrial Co., Ltd. had total assets of CNY 3.2 billion and owner's equity of CNY 332.5 million. The transaction is subject to shareholders approval of Zhejiang Guangsha Co., Ltd. As on May 31, 2018, transaction has been approved by the shareholders of Guangsha Holding Group Co., Ltd. As on June 4, 2018, Board of Directors of Zhejiang Guangsha approved the transaction. The Board of Zhejiang Guangsha Co., Ltd. approved the revised draft of the agreement on July 27, 2018. As on August 28, 2018, transaction has been approved by the shareholders of Zhejiang Guangsha Co. On April 23, Guangsha Holding Group Co., Ltd. paid the full consideration to Zhejiang Guangsha Co., Ltd.
Zheng Yang, Wang Nan and Dong Hongyang of The Pacific Securities Co., Ltd (SHSE:601099) acted as financial advisors, Hu Qi and Dong Yiping of Grandway Law Offices acted as legal advisors and Lv Yingqun and Geng Zhen of Pan-China Certified Public Accountants LLP acted as accountants for Zhejiang Guangsha Co., Ltd.
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.