Langold Real Estate Co., Ltd. agree to acquire PowerChina Real Estate Group Ltd. from Power Construction Corporation of China, Ltd and Powerchina Construction Group Ltd.for CNY 10.9 billion
June 20, 2020
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Langold Real Estate Co., Ltd. (SZSE:002305) agree to acquire PowerChina Real Estate Group Ltd. from Power Construction Corporation of China, Ltd (SHSE:601669) and Powerchina Construction Group Ltd.for CNY 10.9 billion on June 20, 2020. Under the terms of transactions, Langold Real Estate will pay consideration through cash of CNY 1,200,000,000 and shares of CNY 9,782,349,800, issuing 4,725,772,800 shares at CNY 2.07 per share. As of August 28, 2020, under the new terms of transactions, Langold Real Estate will pay consideration through cash of CNY 1,200,000,000 and shares of CNY 10,074,984,600, issuing 4,867,142,317 shares at CNY 2.07 per share amounting to CNY 11.27 billion The Company will raise supporting funds of not more than CNY 1,215,000,000 by issuing not more than 30% of total share capital.
Transaction has obtained Sellers' Internal Decision-Making Institutions' Approval, The Target's Internal Decision-Making Institutions' Approval, Pre-audit of the SASAC and Approval of the 3rd Extraordinary Meeting of the Company along with it transaction is still subject to SASAC's Filing of the Assessment Reports, Company's Directorate's Approval of the Official Plan, SASAC's Approval of the Official Plan, Langold Real Estate Shareholders' Approval, CSRC's Approval and Other Necessary Approvals. Liu Ri, Hu Pujuan, Huang Ci, Yao Pengtian, Han Shiyan and Zhu Yuan of CITIC Securities Company Limited (SHSE:600030) and Xu Huachen, Jiang Haoyan, Wang Wenting, Yao Tao, Song Zhe and Bai Yu of Guotai Junan Securities Co., Ltd. (SHSE:601211) aced as financial advisors. Wei Haitao, Shi Jie of Zhong Lun Law Firm acted as legal advisors and Wang Yue and Zhang Qiong of Baker Tilly China Certified Public Accountants to Langold Real Estate Co., Ltd.
LANGOLD REAL ESTATE CO., LTD., formerly WUHAN LANGOLD REAL ESTATE CO., LTD., is a China-based company principally engaged in the development and operation of real estates. The Company is mainly engaged in property sale business. The Company is also involved in property rental and property management, hotel operation and other businesses. The Company operates its business in domestic market, with Wuhan, Hubei Province, China as its main market.
Langold Real Estate Co., Ltd. agree to acquire PowerChina Real Estate Group Ltd. from Power Construction Corporation of China, Ltd and Powerchina Construction Group Ltd.for CNY 10.9 billion