Nanjing Chemical Fiber Co., Ltd. signed a share acquisition agreement to acquire 51.91% stake in Shanghai Yueke New Materials Co., Ltd. from a group of sellers for approximately CNY 390 million.
December 07, 2020
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Nanjing Chemical Fiber Co., Ltd. (SHSE:600889) signed a share acquisition agreement to acquire 51.91% stake in Shanghai Yueke New Materials Co., Ltd. from a group of sellers for approximately CNY 390 million on December 8, 2020. The deal value is payable in cash. As of August 31, 2020, Shanghai Yueke New Materials Co., Ltd. reported total assets of CNY 357.5 million and net assets of CNY 141.4 million. For the year ending December 31, 2019, Shanghai Yueke New Materials Co., Ltd. reported total assets of CNY 252.3 million, net assets of CNY 82.9 million, revenue of CNY 87.4 million and net loss of CNY 17.4 million. The deal is is subject to the shareholders’ approval and has been approved in the 4th Meeting of Nanjing Chemical Fiber Co., Ltd.'s 10th Directorate held on December 8, 2020. On December 24, 2020, Nanjing Chemical Fiber Co., Ltd. shareholders approved the deal.
Nanjing Chemical Fibre Co Ltd is a China-based company principally engaged in the production and sales of viscose staple fiber, polyethylene terephthalate (PET) structural core materials, and urban ecological water supply business. The Company primarily operates businesses through four segments. The Chemical segment is mainly engaged in the sales business of urban ecological water supply. The Bio-based segment mainly provides viscose staple fiber and lyocell fiber products. Shanghai Yueke segment mainly provides PET structural core material products. The Other segment is mainly engaged in the leasing of fixed assets, intangible assets, packaging materials, sales materials and other business. The Company distributes its products within the domestic market and to overseas markets.
Nanjing Chemical Fiber Co., Ltd. signed a share acquisition agreement to acquire 51.91% stake in Shanghai Yueke New Materials Co., Ltd. from a group of sellers for approximately CNY 390 million.
NANJING CHEMICAL FIBER CO., LTD. 
