Jinan High-tech Development Co., Ltd. agreed to acquire 51% stake in Wangsheng Ecological Environment Co., Ltd. from Taizhou Jitai Business Partnership (General Partnership) for approximately CNY 270 million.
June 19, 2020
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Jinan High-tech Development Co., Ltd. (SHSE:600807) agreed to acquire 51% stake in Wangsheng Ecological Environment Co., Ltd. from Taizhou Jitai Business Partnership (General Partnership) for approximately CNY 270 million on June 20, 2020. The purchase price will be done in 4 installments with the first phase will 50% of the total price and will be paid within 5 working days after this agreement, second phase willbe 15% of the total price and will be paid within 10 days from the date of the issue of the vigorous ecological audit report after the end of 2020. the third-stage equity transfer price is 15% of the total price, and the date of the vigorous ecological audit report after the end of 2021 Payment within 10 days from the beginning; the fourth-stage equity transfer price is 20% of the total price. After the end of 2022, Wangsheng Ecological Audit Report will be paid within 10 days from the date of issuance. As of December 31, 2019, Wangsheng Ecological's total assets were CNY 580.32 million and net assets were CNY 209.63 million and generated operating income of CNY 298.82 million. This transaction has been reviewed and approved by the Board of Jinan High-tech Development and is still subject to approval by its shareholders. The transaction has been approved by the shareholders of Jinan High-tech Development on July 14, 2020.
Jinan High Tech Development Co Ltd, formerly Shandong Tyan Home Co Ltd, is mainly engaged in the real estate development and mining businesses. Real Estate Development segment is involved in land acquisition, planning and design, construction and development and sales operations. The Company is mainly involved in the development of residential and commercial real estate projects in Shandong province, China. Mining segment is involved in the exploration, development and dressing of gold and other precious metals, as well as the sale of ores. The Company is also engaged in the business operation of property leasing and management.
Jinan High-tech Development Co., Ltd. agreed to acquire 51% stake in Wangsheng Ecological Environment Co., Ltd. from Taizhou Jitai Business Partnership (General Partnership) for approximately CNY 270 million.