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Beijing Enterprises Holdings Ltd Announces Disposal Of 85% Equity Interest In Beijing Enterprises Green Industry (Qinghai) New Energy Co. Ltd


Monday, 16 Sep 2013 06:39am EDT 

Beijing Enterprises Holdings Ltd announced that on September 16, 2013, the Vendor (an indirect non whollyowned subsidiary of the Company) and the Purchaser entered into the Share Transfer Agreement pursuant to which the Vendor has conditionally agreed to sell, and the Purchaser has conditionally agreed to acquire, 85% equity interest in the Target Company (Beijing Enterprises Green Industry (Qinghai) New Energy Co. Ltd) at a consideration of CNY110,185,500 (equivalent to approximately HKD139,475,000). The Target Company is principally engaged in consultation, investment, construction and operation of photovoltaic power generation projects and marketing and sales of related photovoltaic products in the PRC. Upon Completion, the Vendor will remain as holder of 15% equity interest in the Target Company, however, the Target Company will cease to be a subsidiary of the Company. The Purchaser is a wholly-owned subsidiary of BE Group, and BE Group is the ultimate controlling shareholder of the Company. The sale proceeds will be applied towards the general working capital of the Company. The Target Company is principally engaged in consultation, investment, construction and operation of photovoltaic power generation projects and marketing and sales of related photovoltaic products in the PRC. Upon Completion, the Vendor will remain as holder of 15% equity interest in the Target Company, however, the Target Company will cease to be a subsidiary of the Company. 

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24 Jul 2014