CRRC Industrial Investment Co., Ltd. agreed to acquire 5% stake in Zhuzhou Tianqiao Crane Co., Ltd. from Zhuzhou Stateowned Assets Investment Holding Group Company Limited and Zhuzhou Industry and Finance Research Institute Co., Ltd. for approximately CNY 230 million.
December 02, 2019
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CRRC Industrial Investment Co., Ltd. agreed to acquire 5% stake in Zhuzhou Tianqiao Crane Co., Ltd. (SZSE:002523) from Zhuzhou Stateowned Assets Investment Holding Group Company Limited and Zhuzhou Industry and Finance Research Institute Co., Ltd. for approximately CNY 230 million on December 2, 2019. CRRC Industrial Investment Co., Ltd. will acquire 70.8 million shares at a price of CNY 3.2 per share. Upon completion, CRRC Industrial Investment Co., Ltd. will hold 5% of Zhuzhou Tianqiao Crane Co., Ltd's shares held by Zhuzhou Stateowned Assets Investment Holding Group Company Limited and Zhuzhou Industry and Finance Research Institute Co., Ltd. and CRRC Industrial Investment Co., Ltd. will hold a total of 24.08%.
Zhuzhou Tianqiao Crane Co., Ltd. is principally engaged in the research, development, manufacture and distribution of crane equipment and coal dressing equipment. The Company primarily provides aluminum smelting special crane equipment, steel smelting special crane equipment, specialty cranes, general bridge and gantry cranes, and other products. The Company distributes its products within domestic market and to overseas markets.
CRRC Industrial Investment Co., Ltd. agreed to acquire 5% stake in Zhuzhou Tianqiao Crane Co., Ltd. from Zhuzhou Stateowned Assets Investment Holding Group Company Limited and Zhuzhou Industry and Finance Research Institute Co., Ltd. for approximately CNY 230 million.
ZHUZHOU TIANQIAO CRANE CO., LTD. 
