Ningbo Juntuo Enterprise Management Co., Ltd. completed the acquisition of 21.5% stake in SEC Electric Machinery Co., Ltd. from Wang Jianyu, Wang Jiankai and Wang Panrong.
January 09, 2019
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Ningbo Juntuo Enterprise Management Co., Ltd. signed an equity transfer agreement to acquire a 21.5% stake in SEC Electric Machinery Co., Ltd. (SHSE:603988) from Wang Jianyu, Wang Jiankai and Wang Panrong for approximately CNY 750 million on November 8, 2018. Under the terms, Wang Jianyu, Wang Jiankai and Wang Panrong will respectively sell 17.64 million shares (7.5%), 4.12 million shares (1.75%) and 28.74 million shares (12.22%) for CNY 262.5 million, CNY 61.25 million, and CNY 427.7 million. Wang Jianyu also signed a share entrustment agreement with Ningbo Juntuo Enterprise Management Co., Ltd. pursuant to which Wang Jianyu will entrust voting rights for 19.8 million shares (a 8.43% stake to Ningbo Juntuo Enterprise Management Co., Ltd. Pre-completion of the transaction, Wang Jianyu, Wang Jiankai and Wang Panrong held 70.56 million shares (30%), 63.5 million shares (27%) and 28.7 million shares (12.22%) in SEC Electric Machinery Co., Ltd. In a related transaction, Zhuhai Fangyuan Capital Management Co., Ltd. signed an equity transfer agreement to acquire a 5% stake in SEC Electric Machinery Co., Ltd. from Wang Jiankai for approximately CNY 180 million. The transfer requires the Shanghai Stock Exchange to conduct a compliance review and transfer procedures at China Securities Depository and Clearing Co., Ltd. Shanghai Branch. As of December 4, 2018, the voting rights’ entrustment has been terminated.
Ningbo Juntuo Enterprise Management Co., Ltd. completed the acquisition of 21.5% stake in SEC Electric Machinery Co., Ltd. (SHSE:603988) from Wang Jianyu, Wang Jiankai and Wang Panrong on January 10, 2019. Post acquisition, Wang Jianyu will hold 53 million shares representing 22.50% stake and Wang Jiankai will hold 47.6 million shares representing 20.25% stake.
SEC Electric Machinery Co., Ltd. is a China-based company principally engaged in the research, development, production and sales of motors. The Company's main products include large and medium-sized direct current (DC) motors, medium and high voltage alternating current (AC) motors, generators, motor test station power systems and other complete sets of equipment, such as switching test station power systems. The Company distributes its products in domestic market and to overseas markets.
Ningbo Juntuo Enterprise Management Co., Ltd. completed the acquisition of 21.5% stake in SEC Electric Machinery Co., Ltd. from Wang Jianyu, Wang Jiankai and Wang Panrong.