Chengdu PUTIAN Telecommunications Cable Company Limited (SEHK:1202) entered into an agreement to acquire remaining 33.3% stake in Chengdu Telecom Cable Shuangliu Heat Shrinkable Product Plant for CNY 19.5 million on December 29, 2017. The consideration is payable in cash, out of which 50% is payable within three working days from the date of completion and balance within seven days upon completion. The consideration is financed by the internal resources. Chengdu Telecom Cable Shuangliu Heat Shrinkable Product Plant will operate as a wholly owned subsidiary of Chengdu PUTIAN Telecommunications Cable Company Limited after completion. As on July 31, 2017, Chengdu Telecom Cable Shuangliu Heat Shrinkable Product Plant had total assets of CNY 106.2 million and net assets of CNY 3.6 million. The deal is conditional upon valuation of all assets of Chengdu Telecom Cable Shuangliu Heat Shrinkable Product Plant and in case the valuation is lower than CNY 58.6 million, then the consideration will be re-negotiated. The Board of Directors of Chengdu PUTIAN Telecommunications Cable Company Limited have approved the transaction and considers the deal as fair and reasonable. The deal will be completed upon the completion of the industrial and commercial registration.