Guangdong Tianan New Material Co., Ltd. completed the acquisition of 66% stake in Foshan Shiwan Eagle Ceramics Co., Ltd. from Guangdong Eagle Brand Group Co.,Ltd.
August 17, 2021
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Guangdong Tianan New Material Co., Ltd. (SHSE:603725) agreed to acquire 66% stake in Foshan Shiwan Eagle Ceramics Co., Ltd. from Guangdong Eagle Brand Group Co.,Ltd for approximately CNY 380 million on March 16, 2021. Guangdong Tianan New Material Co., Ltd. will pay 30% of the purchase price within five working days from the date of signing the Property Transaction Contract, 50% within five working days from the effective date of the Equity Transaction Contract and the remaining price shall be provided by the listed company within five working days from the date when the Equity Transaction Contract is signed and effective. In related transactions Guangdong Tianan agreed to acquire total 66% stake in 4 companies for CNY 520 million from Guangdong Eagle. As on December 31, 2020, Foshan Shiwan Eagle Ceramics Co., Ltd. reported total assets of CNY 1.1 billion, net assets of 359.1 million, revenue of CNY 1.2 billion and net profit of CNY 31.5 million. Liu Qiuming, Shen Xiaoyi, Gu Zhiwen, Chen Yunbo and Dou Jianyuan of Everbright Securities Co. LTD., Research Division, Gu Gongyun, Yang Haifeng and Chen Yujing of Shanghai Allbright Law Firm, Yang Zhiguo, Zhang Ning and Guo Huasai of BDO China SHU LUN PAN Certified Public Accountants LLP, and Hu Dongquan, Wu Wenxin and Xu Pingping of Zhonglian International Evaluation Consulting Co., Ltd represented Guangdong Tianan New Material Co., Ltd. in the transaction.
Guangdong Tianan New Material Co., Ltd. (SHSE:603725) completed the acquisition of 66% stake in Foshan Shiwan Eagle Ceramics Co., Ltd. from Guangdong Eagle Brand Group Co.,Ltd. on August 18, 2021.
Guangdong TiananNewMaterial Co., Ltd. is a China-based company principally engaged in the research and development, design, production and sales of polymer composite finishes. The Company's primary products include home decoration finishes, automotive interior finishes, films and artificial leather products, such as the polyvinyl chloride (PVC), polypropylene (PP) and thermoplastic polyolefin (TPO) and other polymer surface material. The Company mainly distributes its products in the domestic market.
Guangdong Tianan New Material Co., Ltd. completed the acquisition of 66% stake in Foshan Shiwan Eagle Ceramics Co., Ltd. from Guangdong Eagle Brand Group Co.,Ltd.