Global Bio Chem Technology Group Co Ltd Announces Acquisition Of 60% Interest In Harbin Dacheng


Friday, 6 Sep 2013 07:54am EDT 

Global Bio Chem Technology Group Co Ltd announced that on September 6, 2013, the Group entered into the Equity Transfer Agreement with the Vendor for the acquisition of 60% of the equity interest of Harbin Dacheng, an associated company of the Company which is principally engaged in manufacture and sale of botanical straw based sweeteners products and corn refinery. Immediately before Completion, the Group holds 40% of the equity interest of Harbin Dacheng and the Vendor holds 60% of the equity interest of Harbin Dacheng. Upon Completion, Harbin Dacheng will become an indirect wholly-owned subsidiary of the Company. The Consideration for the Acquisition was RMB101,997,200, which will be fully settled by the Group in cash upon Completion. The Consideration was determined after arm-length’s negotiations between the Group and the Vendor with reference to the registered capital of Harbin Dacheng contributed by the Vendor. The Consideration will be settled by the Group out of its internal resources. Completion shall take place on the third business day after the completion of the registration with the Industry and Commerce Bureau regarding the transfer of the Sale Interest, or such other date as the parties shall agree in writing. Upon Completion, Harbin Dacheng will become an indirect wholly-owned subsidiary of the Company. 

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