Shanghai Pengxin Group Co., Ltd. cancelled the acquisition of 7.6% stake in Heilongjiang Interchina Water Treatment Co.,Ltd. from Interchina Water Treatment Limited.
November 28, 2021
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Shanghai Pengxin Group Co., Ltd. entered into an agreement to acquire 7.6% stake in Heilongjiang Interchina Water Treatment Co.,Ltd. (SHSE:600187) from Interchina (Tianjin) Water Treatment Limited for CNY 300 million (approximately HKD 360 million) on May 27, 2021. As per terms, Shanghai Pengxin Group Co., Ltd. shall acquire 125 million share at CNY 2.35 per share of Heilongjiang Interchina Water Treatment Co.,Ltd. Upon Completion, the consideration equivalent consideration shall be setoff against the equivalent
portion of the Shanghai Pengxin Loan on a dollar-for dollar basis from aggregate amount of CNY 784 million which is non-interest bearing, unsecured and repayable on demand loan Interchina Tianjin is indebted to Shanghai Pengxin. After Completion, Interchina Tianjin shall continue to owe Shanghai Pengxin an amount of CNY 249 million. In a related transaction, Heilongjiang Interchina Water Treatment Co.,Ltd. will be acquired as to 3.09% and 3.05% by Jiang and Jiang Lei from Interchina (Tianjin) Water Treatment Limited. Shanghai Pengxin Group Co., Ltd. is held 99% and 1% by Jiang and Jiang Lei respectively. Immediately after the assignment of Jiang Loan and Jiang Lei Loan, Interchina Tianjin shall owe Shanghai Pengxin a total of CNY 545 million. The transaction is subjected to the approval of shareholders of EverChina Int'l Holdings Company Limited. The transaction is expected to complete on the fifth working day after all conditions precedent have been satisfied. The proceeds from the disposal will be used by the EverChina Int'l Holdings Company. Limited grop to set-off against Jiang loan, Jiang Lei Loan and part of Shanghai Pengxin Loan upon completion. Lego Corporate Finance Limited acting as a independent financial adviser advising to the board & shareholders of EverChina Int'l Holdings Company Limited.
Shanghai Pengxin Group Co., Ltd. cancelled the acquisition of 7.6% stake in Heilongjiang Interchina Water Treatment Co.,Ltd. (SHSE:600187) from Interchina (Tianjin) Water Treatment Limited on November 29, 2021.
Heilongjiang Interchina Water Treatment Co Ltd is principally engaged in sales of water, the provision of sewage treatment service and engineering consulting service, as well as the sales of related equipment. It also provides engineering, procurement, construction (EPC) services and operational services. The Company operates its businesses mainly in Northeast China, North China, East China, South China, Central China, Northwest China, Southwest China.
Shanghai Pengxin Group Co., Ltd. cancelled the acquisition of 7.6% stake in Heilongjiang Interchina Water Treatment Co.,Ltd. from Interchina Water Treatment Limited.
HEILONGJIANG INTERCHINA WATER TREATMENT CO.,LTD 
