Jinan High-tech Urban Construction Development Co., Ltd. intends to acquire 95% stake in Jinan High-tech Zone Tianye Microfinance Co., Ltd from Jinan High-tech Development Co., Ltd. for approximately CNY 210 million.
April 09, 2021
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Jinan High-tech Urban Construction Development Co., Ltd. intends to acquire 95% stake in Jinan High-tech Zone Tianye Microfinance Co., Ltd from Jinan High-tech Development Co., Ltd. (SHSE:600807) for approximately CNY 210 million on April 9, 2021. Under the terms, the transfer price will be paid in two installments, first of CNY 190.97 million within 30 days from effective date of this agreement and second installment of CNY 27.1 million within 7 days of after completion of industrial and commercial registration. The balance sheet items of Jinan High-tech Zone Tianye Microfinance as of November 30, 2020, are total assets of CNY 220.2 million and net assets of CNY 218.6 million. The transaction is approved by the board of Directors of Jinan High-tech Development. As on April 19, 2021, The transaction has been approved by the Second Extraordinary General Meeting of Shareholders of Jinan High-tech Development Co., Ltd.
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 Urban Construction Development Co., Ltd. intends to acquire 95% stake in Jinan High-tech Zone Tianye Microfinance Co., Ltd from Jinan High-tech Development Co., Ltd. for approximately CNY 210 million.