Tianjin Guangyu Development Co., Ltd. completed the acquisition of 30% stake in Chongqing Luneng Yingda Property Co., Ltd. from Urumqi Century Hengmei Equity investment Co., Ltd.
October 10, 2017 at 09:30 am IST
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Tianjin Guangyu Development Co., Ltd. (SZSE:000537) agreed to acquire 30% stake in Chongqing Luneng Yingda Property Co., Ltd. from Urumqi Century Hengmei Equity investment Co., Ltd. for approximately CNY 300 million on October 12, 2016. As on October 20, 2016, supplement agreement has been signed. Under the terms of the transaction, Tianjin Guangyu Development Co., Ltd. will issue 38.3 million shares. Under the new terms of amendment, Tianjin Guangyu Development Co., Ltd. adjusted its shares and now issued 38.6 million shares.
The transaction is subject to SASAC approval. As on October 12, 2016, People's Republic of China Anti-monopoly Bureau approved the transaction. On October 20, 2016, transaction was approved by the Board of Tianjin Guangyu Development Co., Ltd. On November 22, 2016, the State-owned Assets Supervision and Administration Commission of the State Council approved the transaction. On December 1, 2016, Tianjin Guangyu Development Co., Ltd. held its 5th extraordinary general shareholders’ meeting of 2016 and approved the transaction. The transaction is still subject to approval from China Securities Regulatory Commission. China Securities Regulatory Commission approved the transaction on September 25, 2017. CITIC Securities Company Limited (SHSE:600030) and Changjiang Financing Services Company Limited acted as financial advisors, An Xin Law Firm acted as legal advisor, and Ruihua Certified Public Accountants, LLP acted as accountant to Tianjin Guangyu Development Co., Ltd.
Tianjin Guangyu Development Co., Ltd. (SZSE:000537) completed the acquisition of 30% stake in Chongqing Luneng Yingda Property Co., Ltd. from Urumqi Century Hengmei Equity investment Co., Ltd. on October 10, 2017.
China Green Electricity Investment of Tianjin Co Ltd, formerly Tianjin Guangyu Development Co Ltd, is a China-based company primarily engaged in the business of wind electric power generation. The Company mainly invests in, develops, and operates wind electric power generation and solar power generation projects. The Companyâs wind electric power generation projects consist of offshore and onshore projects. The Company is also involved in the leasing of real estate. The Company mainly conducts businesses within the domestic market.
Tianjin Guangyu Development Co., Ltd. completed the acquisition of 30% stake in Chongqing Luneng Yingda Property Co., Ltd. from Urumqi Century Hengmei Equity investment Co., Ltd.