Tech-Bank Food Co., Ltd. acquired an additional 61% stake in Zhejiang Xingnongfa Animal Husbandry Joint Stock Co., Ltd. from Zhejiang Provincial Agricultural Development Group Co., Ltd., and Ningbo Leizi Investment Partnership (Limited Partnership).
June 09, 2021
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Tech-Bank Food Co., Ltd. (SZSE:002124) acquired an additional 61% stake in Zhejiang Xingnongfa Animal Husbandry Joint Stock Co., Ltd. from Zhejiang Provincial Agricultural Development Group Co., Ltd., and Ningbo Leizi Investment Partnership (Limited Partnership) on June 4, 2021. Pursuant to the terms of the agreement, Tech-Bank Food Co., Ltd., shall acquire 36% stake from Zhejiang Provincial Agricultural Development Group Co., Ltd., and 25% stake from Ningbo Leizi Investment Partnership (Limited Partnership). As of June 4, 2021, Tech-Bank Food Co., Ltd., has paid the first installment in accordance with the agreement, which is 30% of the transaction price, i.e., CNY 55.08 million paid to Zhejiang Provincial Agricultural Development Group Co., Ltd., and CNY 38.25 million paid to Ningbo Leizi Investment Partnership (Limited Partnership). The remaining amount will be paid in installments in accordance with the agreement. As a result, Tech-Bank Food Co., Ltd. now holds 99% stake in Zhejiang Xingnongfa Animal Husbandry Joint Stock Co., Ltd.
Tech-Bank Food Co., Ltd. (SZSE:002124) completed the acquisition of an additional 61% stake in Zhejiang Xingnongfa Animal Husbandry Joint Stock Co., Ltd. from Zhejiang Provincial Agricultural Development Group Co., Ltd., and Ningbo Leizi Investment Partnership (Limited Partnership) on June 4, 2021.
Tech-bank Food Co., Ltd., formerly NINGBO TECH-BANK CO., LTD., is a China-based company mainly engaged in the development, processing and sales of food. The Company's main businesses include pig breeding, pig farming and pork processing, the research and development, manufacturing and sales of animal vaccines, as well as the research and development, production and sales of feed. It also provides engineering environmental services. The Company mainly distributes its products in domestic market and to overseas markets.