Sichuan Crun Co., Ltd acquired 75% stake in Jiangsu Oscen Hydraulic Technology Co., Ltd. from Yu Jie, Li Yabin, Yu Jianhua and Qidong Jiakang Electromechanical Equipment Operation Department for CNY 41.25 million.
December 24, 2019
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Sichuan Crun Co., Ltd (SZSE:002272) acquired 75% stake in Jiangsu Oscen Hydraulic Technology Co., Ltd. from Yu Jie, Li Yabin, Yu Jianhua and Qidong Jiakang Electromechanical Equipment Operation Department for CNY 41.25 million on December 23, 2019. The consideration payout includes CNY 11 million paid to Yu Jie, CNY 11 million paid to Li Yabin, CNY 5.5 million paid to Yu Jianhua, and CNY 13.75 paid to Qidong Jiakang Electromechanical Equipment Operation Department. After this transaction, Jiangsu Oscen Hydraulic Technology Co., Ltd. will be hold by Sichuan Crun Co., Ltd (75% stake), Qidong Jiakang Electromechanical Equipment Operation Department (15% stake) and Qidong Honghu Industrial Design Service Department (10% stake). Sichuan Crun used self-financed funds for this transaction. As of December 31, 2018, the financials of Jiangsu Oscen Hydraulic Technology Co., Ltd. include total assets at CNY 60.051 million, revenue CNY 34.774 million, net profit at CNY 3.177 million and total common equity is CNY 32.24 million. On December 23, 2019, the Sichuan Crun held its board meeting and approved the transaction. This transaction does not need approval from the Sichuan Crun’s shareholders.
Sichuan Crun Co., Ltd (SZSE:002272) completed the acquisition of 75% stake in Jiangsu Oscen Hydraulic Technology Co., Ltd. from Yu Jie, Li Yabin, Yu Jianhua and Qidong Jiakang Electromechanical Equipment Operation Department on December 23, 2019.
Sichuan Crun Co., Ltd is a China-based company principally engaged in the research, development, production and sale of lubrication hydraulic equipment and related integrated systems, boiler components, as well as pressure vessels. The Company provides hydraulic equipment, lubricating systems, water cooling systems, hydraulic components, lubrication components, utility boilers, exhaust heat boilers, biomass boilers, blast furnace gas boilers, special boilers, utility boiler auxiliary engines and petrochemical vessels, among others, used in wind power, solar energy, building materials and cement, metallurgical mining, petrochemical engineering, engineering machinery, as well as light industry. The Company mainly operates its business in domestic markets.