Jiangsu Yulong Steel Pipe Co., Ltd. cancelled the acquisition of Shandong Tianye Real Estate Development Group Co., Ltd. from Shandong Tianye Real Estate Development Group Co., Ltd.
April 30, 2021
Share
Shandong Yulong Gold Co., Ltd. (SHSE:601028) signed a letter of intent to acquire Barto Gold Mining Pty Ltd. from Shandong Tianye Real Estate Development Group Co., Ltd. for AUD 250 million recently. Under the terms, Shandong Yulong will acquire 329 million shares for cash. For year ended December 31, 2019, Barto Gold had total assets worth AUD 157 million, net assets worth AUD -58.9 million, revenue of AUD 165.5 million and net loss of AUD 136.6 million. The transaction has been approved by the board of Shandong Yulong, Barto Gold and Shandong Tianye. The transaction is subject to approval from the shareholders of Shandong Yulong, approval and review by FIRB, completion of the overseas investment filing of this transaction by the Shandong Provincial Department of Commerce, foreign exchange registration of overseas direct investment by domestic institutions that completed the transaction and other possible approval or filing matters.
Ma Yiyuan, Cai Xiaohui and Chen Zhiyu of Shenwan Hongyuan Securities Underwriting Sponsor Co., Ltd. acted as the independent financial advisor for Shandong Yulong. Dai Wei and Wu Xiaoxia of Deheng Shanghai Law Office acted as legal advisor for Shandong Yulong. Shang Yingwei and Luo Man of Beijing Xinghua Accountants acted as accountant for Shandong Yulong. Yang Kai and Wang Ruishan of Zhonglian Assets Appraisal Group Co., Ltd. acted as the asset assessment agency.
Jiangsu Yulong Steel Pipe Co., Ltd. (SHSE:601028) cancelled the acquisition of Shandong Tianye Real Estate Development Group Co., Ltd. from Shandong Tianye Real Estate Development Group Co., Ltd. on April 30, 2021. The board of director of Jiangsu Yulong Steel Pipe Co., Ltd approved the termination on the 16th meeting of the 5th directorate and the 13th meeting of the 5th supervisory board on April 30, 2021.
Shandong Yulong Gold Co Ltd, formerly Jiangsu Yulong Steel Pipe Co Ltd, is a China-based company mainly engaged in the trading of bulk commodities. The product categories of its bulk commodity trading business cover metal mineral products, agricultural and forestry products, chemicals, coal and other bulk commodity categories. The Company is also engaged in the mining and processing of gold and precious metals. The Company conducts its business in domestic and foreign markets.
Jiangsu Yulong Steel Pipe Co., Ltd. cancelled the acquisition of Shandong Tianye Real Estate Development Group Co., Ltd. from Shandong Tianye Real Estate Development Group Co., Ltd.