China Resources and Environment Co.,Ltd. agreed to acquire China Recycling Environmental Services Co., Ltd. from China Recycling Development Co., Ltd. for approximately CNY 710 million.
August 28, 2018
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China Resources and Environment Co.,Ltd. (SHSE:600217) agreed to acquire China Recycling Environmental Services Co., Ltd. from China Recycling Development Co., Ltd. for approximately CNY 710 million on August 24, 2018. Parties signed an agreement on August 27, 2018. During the financial year December 2017, China Recycling Environmental Services Co., Ltd. reported total assets of CNY 143.47 million, shareholders equity of CNY 98.34 million, revenue of CNY 398.09 million, operating profit of CNY 28.1 million and net profit of CNY 22.68 million. The transaction is subject to shareholders approval by China Resources and Environment. As on August 24, 2018, shareholders of China Recycling Development Co., Ltd. approved the transaction. As on August 27, 2018, Board of Directors of China Resources and Environment Co.,Ltd. approved the transaction.
Sun Fang, Wang Jue professionals of China Great Wall Securities Co., Ltd. acted as financial advisor, Zhu Dengkai, Liu Xiaoqin professionals of Zhonglun W&D Law Firm acted as legal advisor and Zhu Wei, Liu Hongwei, Huang Rujian professionals of Jonten Certified Public Accountants Co Ltd acted as accountant to China Resources and Environment Co.,Ltd.
Zhongzai Resources and Environment Co., Ltd., formerly Shaanxi Qinling Cement (Group) Co., Ltd. is a China-based company principally engaged in the development, recycling, processing and sale of available resources. The Company is also involved in the wholesale of general merchandise, knitwear, daily groceries, furnitures, hardware, chemical products, construction materials, mineral products, as well as plastic products, among others. The Company mainly operates its business in domestic market.
China Resources and Environment Co.,Ltd. agreed to acquire China Recycling Environmental Services Co., Ltd. from China Recycling Development Co., Ltd. for approximately CNY 710 million.