JiangSu Communications Holding Co., Ltd. entered into an agreement to acquire 15% stake in Jiangsu Jinghu Expressway Co., Ltd from Jiangsu Yueda Investment Co., Ltd. for CNY 210 million
July 15, 2022
Share
JiangSu Communications Holding Co., Ltd. entered into an agreement to acquire 15% stake in Jiangsu Jinghu Expressway Co., Ltd from Jiangsu Yueda Investment Co., Ltd. (SHSE:600805) for CNY 210 million on July 15, 2022. The board of directors of Jiangsu Yueda Investment Co., Ltd. approved the transaction. The transaction is subject to approval from shareholders of Jiangsu Yueda Investment Co., Ltd. This agreement is stamped with the official seal of the three parties. This transaction plan and this agreement have been reviewed and approved by Jiangsu Yueda Investments internal review procedures. This transaction has been reviewed and approved by the State-owned Assets Authority of Yancheng City. This transaction has no objection after being reviewed by the securities authorities. As of March 31, 2022, the total assets of Jiangsu Jinghu Company in the consolidated statement were CNY 27.39 billion and net assets were CNY 12 billion. Zhongxinghua Certified Public Accountants LLP acted as accountant to Jiangsu Yueda Investment Co., Ltd. Huaying Securities Co., Ltd. acted as financial advisor to Jiangsu Yueda Investment Co., Ltd. As on August 1, 2022, shareholders of Jiangsu Yueda Investment Co., Ltd. approved the transaction.
JIANGSU YUEDA INVESTMENT CO., LTD. is principally engaged in the manufacture, transportation, commodities distribution and coal mining businesses. The Company operates its businesses primarily through the manufacture and distribution of automobiles, the production and sale of textile products, the manufacture and distribution of tractors, road toll collection and operation, as well as coal mining and distribution. The Company's major products are automobiles, tractors, yarns, home textiles and coal, among others.
JiangSu Communications Holding Co., Ltd. entered into an agreement to acquire 15% stake in Jiangsu Jinghu Expressway Co., Ltd from Jiangsu Yueda Investment Co., Ltd. for CNY 210 million