Henan Oriental Silver Star Investment Co.Ltd cancelled the acquisition of 40% stake in Initial Point Investment Limited from Hongkong Ruimin Investment Co., Limited.
March 30, 2019
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Henan Oriental Silver Star Investment Co.Ltd (SHSE:600753) agreed to acquire 40% stake in Initial Point Investment Limited from Hongkong Ruimin Investment Co., Limited for approximately CNY 140 million on March 31, 2018. As on July 12, 2018, Henan Oriental Silver Star Investment Co.Ltd signed an agreement to acquire 51% stake in Initial Point Investment Limited from Hongkong Ruimin Investment Co., Limited and Fine Mark Investment Ltd for approximately CNY 120 million. Henan Oriental Silver Star Investment Co.Ltd will acquire 40% stake for CNY 94.7 million from Hongkong Ruimin Investment Co., Limited and 11% stake from Fine Mark Investment Ltd for CNY 26.1 million. Consideration will be paid in cash. Henan Oriental Silver Star Investment Co.Ltd will pay the consideration in installments of 50% each. The first one is to be paid within 5 days since signing of the official transfer agreement and the second one is to be paid after completion of delivery of underlying equity procedures.
Initial Point Investment Limited reported total assets of CNY 96.73 million and net liabilities of CNY 11.19 million as at December 31, 2017. Initial Point Investment Limited reported operational and net loss of CNY 0.003 million in 2017. The transaction is subject to second approval of Board of Directors of Henan Oriental Silver Star Investment Co.Ltd, approval from National Development and Reform Commission, Ministry of Commerce, approval from the respective commerce departments, approval from shareholders’ of Henan Oriental Silver Star Investment Co.Ltd and approval from respective Laws and regulations and regulatory authorities (if needed). The transaction was approved by internal decision-making units of Hongkong Ruimin Investment Co., Limited and Initial Point Investment Limited. The Board of Directors of Henan Oriental Silver Star Investment Co.Ltd approved the transaction on May 4, 2018. Minmetals Securities Co., Ltd. acted as the financial advisor to Henan Oriental Silver Star Investment Co.Ltd.
Henan Oriental Silver Star Investment Co.Ltd (SHSE:600753) cancelled the acquisition of 40% stake in Initial Point Investment Limited from Hongkong Ruimin Investment Co., Limited on March 31, 2019.
Gengstar Energy Group Co Ltd is a China-based company primarily engaged in commodity supply chain management business. The Company mainly operates two businesses. The commodity supply chain management business mainly engages in the provision of coal and coke and other related products supply chain management service solutions. The charging services business mainly engages in the investment and construction of new energy vehicle charging infrastructure, the development of charging smart platform, charging operation services and other services. The Company mainly operates its businesses within the domestic market.
Henan Oriental Silver Star Investment Co.Ltd cancelled the acquisition of 40% stake in Initial Point Investment Limited from Hongkong Ruimin Investment Co., Limited.