Guangdong Macro Co., Ltd. signed a framework agreement to acquire 60% stake in Zhejiang Hancheng Xiechuang Co., Ltd from Chen Huan and Lin Guoping for approximately CNY 450 million.
January 12, 2017
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Guangdong Macro Co., Ltd. (SZSE:000533) signed a framework agreement to acquire 60% stake in Zhejiang Hancheng Xiechuang Co., Ltd from Chen Huan and Lin Guoping for approximately CNY 450 million on January 11, 2017. Guangdong Macro Co., Ltd. signed a share acquisition and capital increase agreement to acquire 50% stake in Zhejiang Hancheng Xiechuang Co., Ltd. from Chen Huan and Lin Guoping for approximately CNY 300 million and to subscribe to 10% of the new registered capital of Zhejiang Hancheng Xiechuang Co., Ltd for CNY 151 million on January 23, 2017. Upon completion Guangdong Macro Co., Ltd. will hold 60% stake in Zhejiang Hancheng Xiechuang Co., Ltd
Zhejiang Hancheng Xiechuang Co., Ltd reported total assets of CNY 269.14 million and net assets of CNY 95.35 million as at November 30, 2016. The transaction is subject to the approval of Guangdong Macro Co., Ltd’s directorate and does not need the shareholders’ approval. The transaction has been approved by the Board of Guangdong Macro Co., Ltd. as on January 23, 2017.
Guangdong Shunna Electric Co., Ltd., formerly Guangdong Macro Co., Ltd., is a China-based company principally engaged in the manufacture and sale of power transmission and distribution equipment. The Company is also engaged in bulk trading and supply chain services for transmission and distribution products. The Company's power transmission and distribution equipment mainly include dry transformers, preinstalled substations, combined transformers, medium- and low-voltage switchgears and dry reactors, among others. The Company mainly conducts its business in the Chinese domestic market.
Guangdong Macro Co., Ltd. signed a framework agreement to acquire 60% stake in Zhejiang Hancheng Xiechuang Co., Ltd from Chen Huan and Lin Guoping for approximately CNY 450 million.