Songz Automobile Air Conditioning Co., Ltd. completed the acquisition of an additional 9.04% stake in Nanjing Boshilang Electronic Technology Co., Ltd. from from Li Caihong.
September 14, 2021
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Songz Automobile Air Conditioning Co., Ltd. (SZSE:002454) agreed to acquire 9.04% stake in Nanjing Boshilang Electronic Technology Co., Ltd. from Li Caihong for CNY 10.5 million on March 25, 2021. The consideration shall be payable in lumpsum within five working days after completion. In related transaction, Songz Automobile Air Conditioning Co., Ltd. will acquire remaining 20.96% stake from Chen Wuhong and Zhou Mingfang for CNY 24.4 million. 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 35 million to purchase a 30% stake in Nanjing Boshilang Electronic Technology Co., Ltd. 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 9.04% stake in Nanjing Boshilang Electronic Technology Co., Ltd. from from Li Caihong 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 9.04% stake in Nanjing Boshilang Electronic Technology Co., Ltd. from from Li Caihong.