SinoDaan Co., Ltd. entered into an equity purchase agreement to acquire additional 6.59% stake in Fujian Hongmin Power Engineering Supervision Co., Ltd. from Lexian Junzhi Technology Promotion Partnership (Limited Partnership), Yan Jiaxiao, Chen Zhaomeng, Wang Jianming, Chen Junling and Luo Jun for CNY 17.4 million.
January 14, 2019
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SinoDaan Co., Ltd. (SZSE:300635) entered into an equity purchase agreement to acquire additional 6.59% stake in Fujian Hongmin Power Engineering Supervision Co., Ltd. from Lexian Junzhi Technology Promotion Partnership (Limited Partnership), Yan Jiaxiao, Chen Zhaomeng, Wang Jianming, Chen Junling and Luo Jun for CNY 17.4 million on January 13, 2019. The consideration shall be paid in cash. The consideration will be paid with own funds. Prior to the transaction, SinoDaan holds 60% stake in Fujian Hongmin Power Engineering. Upon completion, SinoDaan shall hold 66.59% stake in Fujian Hongmin Power Engineering. For the year ended December 31, 2018, Fujian Hongmin Power Engineering reported total assets of CNY 109.57 million, net assets of CNY 66.01 million, operating profit of CNY 30.13 million and operating revenue of CNY 93.27 million. The transaction was approved at the fourth meeting of the third directorate of SinoDaan on January 13, 2019.
SinoDaan Co., Ltd, formerly Guangdong Daan Project Management Co., Ltd., is a China-based company principally engaged in the provision of engineering project management services. The Companyâs main business is engaged in the supervision of engineering project, among which the activities mainly include project management, such as telecommunication construction supervision, civil engineering construction, tendering agency, agency construction management and engineering consulting, among others.
SinoDaan Co., Ltd. entered into an equity purchase agreement to acquire additional 6.59% stake in Fujian Hongmin Power Engineering Supervision Co., Ltd. from Lexian Junzhi Technology Promotion Partnership (Limited Partnership), Yan Jiaxiao, Chen Zhaomeng, Wang Jianming, Chen Junling and Luo Jun for CNY 17.4 million.