Funeng Oriental Equipment Technology Co.,Ltd agreed to acquire 35% stake in Foshan Funeng Intelligent Manufacturing Technology Co., Ltd. from Foshan Heyue Investment Co., Ltd. for CNY 95 million.
November 11, 2021
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Funeng Oriental Equipment Technology Co.,Ltd (SZSE:300173) agreed to acquire 35% stake in Foshan Funeng Intelligent Manufacturing Technology Co., Ltd. from Foshan Heyue Investment Co., Ltd. for CNY 95 million on November 9, 2021. The deal is subject to Funeng Oriental Equipment Technology Co.,Ltd board approval. As of November 9, 2021 Funeng Oriental Equipment Technology Co.,Ltd board approved the deal. Foshan Heyue Investment Co., Ltd. has obtained approval from the competent authority to approve this transaction. Funeng Oriental Equipment Technology Co.,Ltd will hold the first extraordinary general meeting of shareholders of 2022 on January 10, 2022 to review the transaction. Funeng Oriental Equipment Technology Co.,Ltd will sign the "Equity Transfer Agreement" with Foshan Heyue Investment Co., Ltd. after the transaction has been reviewed by the shareholders meeting.
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.