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Xinjiang Qingsong Building Materials and Chemicals (Group) Co Ltd to Acquire and Investment in Xinjiang-based Company

Thursday, 11 Jul 2013 08:00pm EDT 

Xinjiang Qingsong Building Materials and Chemicals (Group) Co Ltd announced that it will acquire a 100% stake in a Xinjiang-based international logistics company from its 88.924%-owned Xinjiang-based cement subsidiary, for RMB 5 million. After the transaction, the Company will invest RMB 100,000 into the logistics company, a Xinjiang-based passenger transport company will invest RMB 2,900,000 and an Aksu-based transport company will invest 2,000,000 into the logistics company. As a result, the Company will hold a 51% stake, the Xinjiang-based company will hold a 29% stake and the Aksu-based company will hold a 20% stake in the target company.