Keda Clean Energy Co., Ltd. signed an agreement to acquire 62% stake in Qinghai FoZhao Lithium Energy Development Co., Ltd from Qinghai Tianji Rareelements Technology Development Limited and Tibet Meixing Funeng Venture Capital Management Co., Ltd for approximately CNY 310 million.
January 04, 2017
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Keda Clean Energy Co., Ltd. (SHSE:600499) signed an agreement to acquire 62% stake in Qinghai FoZhao Lithium Energy Development Co., Ltd from Qinghai Tianji Rareelements Technology Development Limited and Tibet Meixing Funeng Venture Capital Management Co., Ltd for approximately CNY 310 million on January 4, 2017. In a related transaction, Keda Clean Energy Co., Ltd. signed an agreement to acquire 53.62% stake in Qinghai Weili New Energy Material Co., Ltd. for approximately CNY 160 million. Keda Clean Energy will use own capital to pay the consideration. As of December 31, 2016, Qinghai FoZhao Lithium Energy Development Co., Ltd reported total assets of CNY 83.13 million, net assets of CNY 74.52 million and net profit of CNY 21.89 million. The deal was approved by the Board of Keda Clean Energy Co., Ltd. on January 4, 2017 and does not need any shareholders` approval.
Keda Industrial Group Co Ltd is a China-based company principally engaged in the manufacture and sales of building material machineries. The Company is mainly engaged in three businesses. The building materials machinery business mainly includes the manufacture of building ceramic machinery and wall machinery. The African building materials business mainly includes the production and sales of building ceramics in the African market. The lithium battery materials and strategic investment business mainly include lithium ion battery material business, clean energy and environmental protection business, hydraulic pump business and smart energy business.
Keda Clean Energy Co., Ltd. signed an agreement to acquire 62% stake in Qinghai FoZhao Lithium Energy Development Co., Ltd from Qinghai Tianji Rareelements Technology Development Limited and Tibet Meixing Funeng Venture Capital Management Co., Ltd for approximately CNY 310 million.
KEDA INDUSTRIAL GROUP CO., LTD. 
