Songz Automobile Air Conditioning Co., Ltd. completed the acquisition of an additional 16.44% stake in Nanjing Boshilang Electronic Technology Co., Ltd. from Chen Wuhong.
September 14, 2021
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Songz Automobile Air Conditioning Co., Ltd. (SZSE:002454) signed an agreement to acquire an additional 16.44% stake in Nanjing Boshilang Electronic Technology Co., Ltd. from Chen Wuhong for CNY 19.2 million on March 25, 2021. The consideration shall be payable in lumpsum within five working days after completion. In related transactions, Songz Automobile Air Conditioning Co., Ltd. signed two separate agreements to acquire an additional 4.52%% and 9.04% stake in Nanjing Boshilang Electronic Technology Co., Ltd. from Zhou Mingfang and Li Caihong for CNY 5.3 million and CNY 10.5 million respectively. Post completion all three transactions, Songz Automobile Air Conditioning Co., Ltd. will hold 100% stake of Nanjing Boshilang Electronic Technology Co., Ltd. while Zhou Mingfang, Chen Wuhong and Li Caihong will have no stake. Songz Automobile Air Conditioning Co., Ltd. intends to use its own funds of CNY 34.98 million for financing the transactions. For year ended December 31, 2020, Nanjing Boshilang Electronic Technology Co., Ltd. has reported total assets of CNY 115.79 million, net assets of CNY 115.78 million,operating profit (EBIT) of CNY 80.26 million and net loss of CNY 4.52 million. The Board of Directors of Songz Automobile Air Conditioning Co., Ltd. has approved the transaction and it's shareholder's approval is not required for the transaction.
Songz Automobile Air Conditioning Co., Ltd. (SZSE:002454) completed the acquisition of an additional 16.44% stake in Nanjing Boshilang Electronic Technology Co., Ltd. from Chen Wuhong on September 14, 2021.
SONGZ AUTOMOBILE AIR CONDITIONING CO., LTD is a China-based company, principally engaged in the research and development, manufacture and distribution of mobile air conditioning systems. The Company's products are applied in large and medium-sized passenger cars, passenger cars, trucks, light buses, rail cars and refrigerated trucks and other vehicles. The Company distributes its products under the SONGZ brand. The Company distributes its products within domestic market and to overseas markets.
Songz Automobile Air Conditioning Co., Ltd. completed the acquisition of an additional 16.44% stake in Nanjing Boshilang Electronic Technology Co., Ltd. from Chen Wuhong.