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Yinchuan Xinhua Commercial (Group) Co Ltd to Issue Shares for Fully Acquisition of Subsidiary

Wednesday, 30 Oct 2013 08:00pm EDT 

Yinchuan Xinhua Commercial (Group) Co Ltd announced that it will issue 13,750,000 shares to a Yinchuan-based home appliance company, 2,600,000 shares to Liang Qing and 1,850,000 shares to Wang Chunhua, at the price of RMB 12.90 per share, or RMB 234,780,000 in total, as well as pay cash of 74,290,000 to the Yinchuan-based company and the two individuals, to acquire a 49% stake in a Yinchuan-based electrical equipment company (target company). After the transaction, the Company will hold a 100% stake in the target company, up from 51%. 

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