Chengdu Economic&Technological Development Zone Construction&Development Co.,Ltd cancelled the acquisition of 6.02% stake in Gifore Agricultural Science & Technology Service Co., Ltd. from Wang Xinming and Tibet Shannan Shenyu Venture Capital Management Partnership.
June 02, 2020
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Chengdu Economic&Technological Development Zone Construction&Development Co.,Ltd entered into a share transfer agreement to acquire 6.02% stake in Gifore Agricultural Science & Technology Service Co., Ltd. (SZSE:300022) from Wang Xinming and Tibet Shannan Shenyu Venture Capital Management Partnership for approximately CNY 110 million on May 6, 2020. Under the terms, Chengdu Economic&Technological Development Zone Construction&Development Co.,Ltd will acquire 22.9 million shares of Gifore Agricultural Science & Technology at an offer price of CNY 4.80 per share. Within 3 working days after obtaining the confirmation document issued by the Shenzhen Stock Exchange on this share transfer, Chengdu Economic&Technological shall deposit the full amount of the share transfer into co-managed account 1 and pay the seller, before the completion of the registration procedures for the transfer of Gifore’s share, 90% of this share transfer payment, that is CNY 98,896,243.68, to the account designated by the seller. Within 3 working days after the registration of the transfer of shares was completed, Chengdu Economic&Technological will pay the balance to the account designated by the seller.
Chengdu Economic&Technological Development Zone Construction&Development Co.,Ltd cancelled the acquisition of 6.02% stake in Gifore Agricultural Science & Technology Service Co., Ltd. (SZSE:300022) from Wang Xinming and Tibet Shannan Shenyu Venture Capital Management Partnership on June 2, 2020.
Gifore Agricultural Science & Technology Service Co Ltd, formerly Gifore Agricultural Machinery Chain Co Ltd, is a China-based company mainly engaged in the circulation of agricultural machinery. The Company mainly has two major businesses: agricultural machinery chain sales services and specialty agricultural machinery research and development (R&D) and manufacturing business. There are two main business models for agricultural machinery chain sales services: direct chain sales model and agency sales model. The specialty agricultural machinery R&D and manufacturing business mainly develops, produces and manufactures no-till finger-clip precision fertilization seeders, no-till air suction, air-blown precision fertilization seeders, multi-function precision seeders, subsoiling soil preparation machines, disc harrows and other products.
Chengdu Economic&Technological Development Zone Construction&Development Co.,Ltd cancelled the acquisition of 6.02% stake in Gifore Agricultural Science & Technology Service Co., Ltd. from Wang Xinming and Tibet Shannan Shenyu Venture Capital Management Partnership.