Elite Color Environmental Resources Science & Technology Co., Ltd. completed the acquisition of Jiangyin Zhongcai Photovoltaic Material Technology Co., Ltd from Jiangsu Yixin New Material Technology Co., Ltd.
February 24, 2021
Share
Elite Color Environmental Resources Science & Technology Co., Ltd. (SZSE:002998) signed equity transfer agreement to acquire Jiangyin Zhongcai Photovoltaic Material Technology Co., Ltd from Jiangsu Yixin New Material Technology Co., Ltd for CNY 41.5 million on January 30, 2021. The transaction price is paid in two installments. Within three working days from the effective date of the signing of this agreement, the Elite Color shall pay the first transaction consideration of CNY 2 million to the transferor’s account ; Within five working days after the completion of the delivery, it shall pay the second transaction consideration of CNY 39.5 million to the account of the transferor. The parties further agree that if the target company has any outstanding liabilities on the delivery date, the transferee may deduct from the transaction consideration or require the transferor to compensate the amount of such outstanding liabilities. Transaction was funded from self-raised funds. Ren Haitao and and Jiangyin Honglie Metallurgical Equipment acted as guarantor in transaction.For year ended December 31, 2020, The Jiangyin Zhongcai Photovoltaic Material had total assets, net assets, operating income and net loss as CNY 24.8 million, CNY 24.7 million, CNY 0.4 million and CNY 1.7 million respectively. On January 30, 2021, transaction was approved by board of Elite Color Environmental Resources Science & Technology. The parties agree that the subject of this equity transfer is 100% of the equity of the subject company held by the transferor.
Elite Color Environmental Resources Science & Technology Co., Ltd. (SZSE:002998) completed the acquisition of Jiangyin Zhongcai Photovoltaic Material Technology Co., Ltd from Jiangsu Yixin New Material Technology Co., Ltd on February 24, 2021.
Elite Color Environmental Resources Science & Technology Co Ltd is a China-based company mainly engaged in the research and development, production and sales of polyester fiber and its products. The Company's main products include recycled colored polyester staple fiber, low melting point polyester staple fiber and polyester non-woven fabrics. Its products are mainly used in engineering, carpets, automotive interiors, clothing and home textiles, furniture, automotive interiors and medical hygiene. The Company conducts its businesses within the China market and to overseas markets.
Elite Color Environmental Resources Science & Technology Co., Ltd. completed the acquisition of Jiangyin Zhongcai Photovoltaic Material Technology Co., Ltd from Jiangsu Yixin New Material Technology Co., Ltd.