Wuxi Industry Development Group Co., Ltd. entered into equity transfer agreement to acquire 15.65% stake in Wuxi New Hongtai Electrical Technology Co.,Ltd from Zhao Hanxin, Zhao Minhai, Shen Hua, Du Jianping and Gan Yanmin for CNY 340 million.
December 17, 2019
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Wuxi Industry Development Group Co., Ltd. entered into equity transfer agreement to acquire 15.65% stake in Wuxi New Hongtai Electrical Technology Co.,Ltd (SHSE:603016) from Zhao Hanxin, Zhao Minhai, Shen Hua, Du Jianping and Gan Yanmin for CNY 340 million on December 13, 2019. Wuxi Industry Development Group Co., Ltd will acquire total approximately 23 million shares at CNY 14.67 per share. As per the agreement, Wuxi Industry Development Group Co., Ltd will acquire 9.74% stake representing 14.4 million shares from Zhao Hanxin for approximately CNY 211 million, 3.37% stake representing 5 million shares from Zhao Minhai for approximately CNY 73 million, 0.78% stake representing 1.1 million shares from Shen Hua for CNY 17 million, 0.07% stake representing 0.1 million shares from Du Jianping for CNY 1.4 million and 1.69% stake representing 2.5 million shares from Gan Yanmin for CNY 36 million. The consideration will be paid in one single installment within three working days from the date of completion.
Wuxi New Hongtai Electrical Technology Co., Ltd. is a China-based company and mainly engaged in development, manufacture, and sales of key components of circuit breakers, low-voltage circuit breakers and fuse-switch disconnectors. The main products of the Company include molded insulation products, motors, and electric operators used in breaker, low-voltage circuit breakers, and fuse switches. Molded insulation products, motors, and electric operators used in breaker are key components of circuit breaker. The Company distributes its products in domestic and overseas markets.
Wuxi Industry Development Group Co., Ltd. entered into equity transfer agreement to acquire 15.65% stake in Wuxi New Hongtai Electrical Technology Co.,Ltd from Zhao Hanxin, Zhao Minhai, Shen Hua, Du Jianping and Gan Yanmin for CNY 340 million.