ShanDongDenghai Seeds Co.,LTD signed an equity transfer agreement to acquire 51% stake in Hebei Denghai Huacheng Agricultural Science and Technology Co., Ltd. from Beijing Denghai Seeds Co., Ltd. for CNY 5.1 million.
August 22, 2017
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ShanDongDenghai Seeds Co.,LTD (SZSE:002041) signed an equity transfer agreement to acquire 51% stake in Hebei Denghai Huacheng Agricultural Science and Technology Co., Ltd. from Beijing Denghai Seeds Co., Ltd. for CNY 5.1 million on August 22, 2017. Upon completion, ShanDongDenghai Seeds will hold 51% stake in Hebei Denghai Huacheng Agricultural Science and Technology. The transaction has been approved by the Board of Directors of ShanDongDenghai Seeds. The transaction does not need approval from the shareholders of ShanDongDenghai Seeds. As of December 31, 2016, Hebei Denghai Huacheng Agricultural Science and Technology had total assets and net assets of CNY 0.99 million and net loss of CNY 0.01 million.
Shandong Denghai Seeds Co., Ltd specializes in producing and marketing corn, vegetables and wheat seeds. The group's products are sold under the Denghai and Xiyu brands. Net sales break down by family of products as follows:
- corn (88.8%);
- wheat (7.1%);
- vegetables (2%);
- flowers (0.4%);
- other (1.7%).
All sales are earned in China.
ShanDongDenghai Seeds Co.,LTD signed an equity transfer agreement to acquire 51% stake in Hebei Denghai Huacheng Agricultural Science and Technology Co., Ltd. from Beijing Denghai Seeds Co., Ltd. for CNY 5.1 million.