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Wolong Electric Group Co Ltd Announces Change in Share Issuance for Equity Acquisition

Thursday, 25 Jul 2013 08:00pm EDT 

Wolong Electric Group Co Ltd announced that it will issue 422,798,480 A shares of common stock with par value of RMB 1 per share at RMB 4.20 per share, to a Zhejiang-based investment company (Company A), so as to acquire an 85% stake in Hong Kong Wolong Holding Group Co., Limited. The Company will also purchase the remaining 15% stake in the target company valued at RMB 2,089,121,900 from Company A for RMB 313,368,284. As a result, Company A will hold a 38.07% stake (422,798,480 shares) in the Company, up from 0%, and the Company's top shareholder will hold 15.83% stake (175,748,091 shares), down from 25.55% stake (175,748,091 shares). The Company previously announced that it will issue 417,824,380 A shares at RMB 4.25 per share for the stake acquisition. 

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