Jiangsu Xingye Plastic Co.,Ltd. signed an equity transfer agreement to acquire Jiangyin Xinya Decorative Fabric Co., Ltd. from Jiangsu Sanfangxiang Industry Co., Ltd. and WISE LOGIC LIMITED for CNY 116 million.
August 05, 2021
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Jiangsu Xingye Plastic Co.,Ltd. signed an equity transfer agreement to acquire Jiangyin Xinya Decorative Fabric Co., Ltd. from Jiangsu Sanfangxiang Industry Co., Ltd. (SHSE:600370) and WISE LOGIC LIMITED for CNY 116 million recently. As per terms, Jiangsu Xingye Plastic Co.,Ltd. shall acquire 70% stake from Jiangsu Sanfangxiang Industry Co., Ltd. for CNY 81.3 million and 30% stake from WISE LOGIC LIMITED for CNY 34.8 million respectively. The consideration shall be paid in one lump sum within 30 days from the effective date of agreement. As of June 30, 2021, Jiangyin Xinya Decorative Fabric Co., Ltd. has total assets of CNY 64 million and net assets of CNY 52 million respectively. The transaction was approved by the 8th meeting of the tenth board of directors of Jiangsu Sanfangxiang Industry Co., Ltd. and does not need shareholders approval.
Jiangsu Sanfame Polyester Material Co Ltd, formerly Jiangsu Sanfame Co Ltd, is a China-based company mainly engaged in the production and sales of bottle-grade polyester chips and purified terephthalic acid (PTA). The Company is also engaged in textile business, chemical business and thermal power business. The textile business is mainly engaged in the production and sales of various cotton yarns, printed and dyed fabrics, polyester-cotton fabrics, yarn-dyed fabrics, etc., as well as fabric dyeing and finishing, printing and cotton spinning processing. The chemical business is mainly engaged in the research and development, production and sales of polybutylene terephthalate (PBT) engineering plastics. Its products are used in various household appliances, electronic products and automotive plastic parts. The main products of the thermoelectric business are electricity and steam. The Company conducts its businesses within the China market and to overseas markets.
Jiangsu Xingye Plastic Co.,Ltd. signed an equity transfer agreement to acquire Jiangyin Xinya Decorative Fabric Co., Ltd. from Jiangsu Sanfangxiang Industry Co., Ltd. and WISE LOGIC LIMITED for CNY 116 million.
JIANGSU SANFAME POLYESTER MATERIAL CO.,LTD. 
