Foshan Public Utilities Holding Co.,Ltd. completed the acquisition of 7.45% stake in Sotech Smarter Equipment Co., Ltd. from Guo Jingsong, Zhang Xiaoling and Zhongshan Songde Industrial Development Co., Ltd.
January 24, 2019
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Foshan Public Utilities Holding Co.,Ltd. entered into an agreement to acquire 7.45% stake in Sotech Smarter Equipment Co., Ltd. (SZSE:300173) from Guo Jingsong, Zhang Xiaoling and Zhongshan Songde Industrial Development Co., Ltd. for approximately CNY 230 million on January 8, 2019. Under the terms of the transaction, Foshan Public Utilities Holding Co.,Ltd. will acquire 43.65 million shares at CNY 5.3 per share. Guo Jingsong, Zhang Xiaoling, and Zhongshan Songde Industrial Development Co., Ltd. will transfer 3.98%, 1.67% and 1.8% stake respectively and upon completion will hold 11.93%, 5.01% and 5.4% stake respectively. The transaction is subject to stock exchange approval. On January 15, 2019, the Company obtained approval from the State-owned Assets Supervision and Administration Commission of Foshan City in Guangdong Province.
Foshan Public Utilities Holding Co.,Ltd. completed the acquisition of 7.45% stake in Sotech Smarter Equipment Co., Ltd. (SZSE:300173) from Guo Jingsong, Zhang Xiaoling and Zhongshan Songde Industrial Development Co., Ltd. on January 25, 2019.
Funeng Oriental Equipment Technology Co Ltd, formerly Sotech Smarter Equipment Co Ltd, is a company engaged in research, development, production and sales of intelligent automated manufacturing equipment. The Company's products are comprised of dedicated automation equipment, non-standard automated production equipment, robotic automated production lines and intelligent specific equipment. The products include glass engraving machine, automatic cover line, liquid crystal display extrusion and sealing automatic line and so on. The Company's products are mainly used in computer, communication and consumer electronics areas, as well as office stationery and biomedical industries. The Company also produces liquid injection machines, film production and stacking machines and digital battery automatic packaging machines for the manufacturing of lithium batteries.
Foshan Public Utilities Holding Co.,Ltd. completed the acquisition of 7.45% stake in Sotech Smarter Equipment Co., Ltd. from Guo Jingsong, Zhang Xiaoling and Zhongshan Songde Industrial Development Co., Ltd.
FUNENG ORIENTAL EQUIPMENT TECHNOLOGY CO., LTD. 
