Jiangsu Luokai Mechanical &Electrical Co., Ltd. agreed to acquire additional 50.5% majority stake in Jiangsu Kailong Electrics Co., Ltd. from Shanghai Electrical Apparatus Research Institute Co., Ltd. for CNY 57 million.
June 25, 2021
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Jiangsu Luokai Mechanical &Electrical Co., Ltd. (SHSE:603829) agreed to acquire additional 50.5% majority stake in Jiangsu Kailong Electrics Co., Ltd. from Shanghai Electrical Apparatus Research Institute (Group) Co., Ltd. for CNY 57 million on June 25, 2021. Post transaction, Shanghai Electrical Apparatus Research Institute (Group) Co., Ltd. will not have any stake in Jiangsu Kailong Electrics Co., Ltd. and Jiangsu Luokai Mechanical &Electrical Co., Ltd. will have 83.2967% stake in Jiangsu Luokai Mechanical &Electrical Co., Ltd., as a result of which, Jiangsu Luokai Mechanical &Electrical Co., Ltd. will become a subsidiary of Jiangsu Luokai Mechanical &Electrical Co., Ltd.
Jiangsu Kailong Electrics Co., Ltd. reported total assets of CNY 207.79 million and net assets of CNY 74.57 million for the year ended March 31, 2021. Transaction is unanimously approved by Board of Directors of Jiangsu Luokai Mechanical &Electrical Co., Ltd. and is pending approval of shareholders of Jiangsu Luokai Mechanical &Electrical Co., Ltd. On July 12, 2021, the transaction was approved by Jiangsu Luokai Mechanical &Electrical’s shareholders.
Jiangsu Luokai Mechanical & Electrical Co., Ltd. is a China-based company principally engaged in the research, development, production and sale of key components, accessories, parts and other supporting products of transmission and distribution switch equipment. The Company's main products include low-voltage and high-voltage circuit breaker (drawing) frames, low-voltage circuit breaker operating mechanisms, high-voltage circuit breaker operating mechanisms, other high-voltage transmission and distribution equipment operating mechanisms, circuit breaker accessories and spare parts. The Company's products are mainly used in power distribution facilities of power systems. The Company distributes its products in domestic market and to overseas markets.
JIANGSU LUOKAI MECHANICAL &ELECTRICAL CO., LTD. 