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Qihang Equipment Co Ltd Announces Disposal of Zhenjiang Anda Coal Mine Special Equipment Co., Ltd


Tuesday, 8 Jan 2013 02:30am EST 

Qihang Equipment Co Ltd announced that on January 6, 2012, the Company announced the acquisition of Zhenjiang Anda Coal Mine Special Equipment Co. Ltd (Anda) for a consideration of RMB 35 million in cash (approximately GBP3.5 million), of which RMB 5 million (approximately GBP0.5 million) was deferred until March 31, 2013 and conditional upon Anda reporting a profit after taxation of at least RMB 9 million (approximately gbp0.9 million) in the year ended December 31, 2012. It has become apparent to the directors of Qihang that Anda will not be capable of meeting its profit target for the year ended December 31, 2012 and that its prospects as part of the Qihang group are not as great as previously envisaged. As a result, the directors of Qihang have reached agreement with the original vendors to sell Anda back to them for a consideration of RMB 30 million in cash, representing the consideration paid originally. The proceeds of the disposal will be used to reduce group indebtedness and for general working capital purposes 

Company Quote

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13 Jun 2014