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BYD Electronic International Co Ltd's Huizhou Electronic Conditionally Agreed To Purchase Target Assets of BYD Co Ltd's BYD Huizhou Battery


Friday, 3 May 2013 07:03am EDT 

BYD Electronic International Co Ltd announced that on May 3, 2013, Huizhou Electronic, a company wholly owned by the Company, entered into the Agreement with a wholly owned subsidiary of BYD Co Ltd, namely BYD Huizhou Battery, pursuant to which BYD Huizhou Battery has conditionally agreed to sell and Huizhou Electronic has conditionally agreed to purchase the Target Assets at a total consideration of RMB208,210,574 (equivalent to approximately HKD262,137,113). Pursuant to the Agreement, Huizhou Electronic has conditionally agreed to acquire and BYD Huizhou Battery has conditionally agreed to sell the Target Assets, which include: two parcels of land located at South of Xiangshuihe, Daya Bay West, Huizhou City, Guangdong Province, the PRC of a total site area of approximately 417, 244 sq.m. (the Land); six factory buildings with a planned total gross floor area of approximately 169,568.39 sq.m, as well as related ancillary facilities; and other related machineries, including power distribution cabinets, transformers and variable-frequency pump sets. Completion shall take place upon the payment of consideration in respect of the Target Assets, subject to the conditions that the representations and warranties given by BYD Huizhou Battery in the Agreement remain true, accurate and not misleading, and the parties having obtained all applicable and necessary consents and approvals and all transactions contemplated thereunder or such later date as may be agreed between the parties.