Shandong Hi-Speed Road&Bridge Group Co., Ltd. completed the acquisition of remaining 86.73% stake in Shandong Hi-speed Communications Construction Group Co., Ltd from Shandong Hi-speed Group Co.,Ltd, Shandong Provincial Communications Planning and Design Institute and Shandong Hi-speed Materials Technology Development Group Co., Ltd.
June 29, 2023
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Shandong Hi-Speed Road&Bridge Group Co., Ltd. (SZSE:000498) signed a share transfer agreement to acquire remaining 86.73% stake in Shandong Hi-speed Communications Construction Group Co., Ltd from Shandong Hi-speed Group Co.,Ltd, Shandong Provincial Communications Planning and Design Institute and Shandong Hi-speed Materials Technology Development Group Co., Ltd for CNY 2.6 billion on June 5, 2023. As reported, Shandong Hi-speed Group Co.,Ltd will sell 806.2 million shares, representing 66.83% stake for CNY 1.9 billion, Shandong Provincial Communications Planning and Design Institute will sell 160 million shares, representing 13.27% stake for CNY 396 million and Shandong Hi-speed Materials Technology Development Group Co., Ltd will sell 80 million shares, representing 6.63% stake for CNY 197.9 million. Post-acquisition, Shandong Hi-Speed Road&Bridge Group Co., Ltd will hold 100% stake in Shandong Hi-speed Communications Construction Group Co., Ltd.
Within 5 working days after the contract becomes effective, Shandong Hi-Speed Road&Bridge Group will pay 50% of the transfer price and within 60 days after the issuance of âSpecial Audit Report on Profit and Loss During the Transition Period,â Shandong Hi-Speed Road&Bridge Group will pay 30% of the transfer price. If Shandong Hi-speed Communications Construction Group Co., Ltd. has no debts or other potential losses, losses, compensation, legal liabilities, and other risks not disclosed in the âAudit Reportâ within one year from the contract effective date, within 10 working days after the one-year period expires, Shandong Hi-Speed Road&Bridge Group Co. will pay 20% of the transfer price. As at March 31, 2023, Shandong Hi-speed Communications Construction Group Co., Ltd reported total assets of CNY 7.7 billion and net assets of CNY 2.5 billion. The transaction has been approved in the 51st Meeting of Shandong Hi-Speed Road&Bridge Group Coâs 9th Directorate held on June 5, 2023 and is subject to the shareholdersâ approval.
Shandong Hi-Speed Road&Bridge Group Co., Ltd. (SZSE:000498) completed the acquisition of remaining 86.73% stake in Shandong Hi-speed Communications Construction Group Co., Ltd from Shandong Hi-speed Group Co.,Ltd, Shandong Provincial Communications Planning and Design Institute and Shandong Hi-speed Materials Technology Development Group Co., Ltd on June 30, 2023. Shandong Hi-speed Communications Construction Group Co., Ltd. changed its name to Shandong Hi-Speed Communication Construction Group Co., Ltd.
Shandong Hi Speed Road&Bridge Co Ltd is a China-based company mainly engaged in road and bridge construction business. The Company is also engaged in road and bridge maintenance construction, commercial concrete processing and material sales, engineering design consulting, turnover materials, equipment leasing and others. Road and bridge construction business includes highways, bridges, tunnels, high-speed railways, rail transit, and others. Road and bridge maintenance construction mainly includes daily maintenance, preventive maintenance, special and major and medium repairs, emergency rescue, and others. The Company conducts businesses in domestic and overseas markets.
Shandong Hi-Speed Road&Bridge Group Co., Ltd. completed the acquisition of remaining 86.73% stake in Shandong Hi-speed Communications Construction Group Co., Ltd from Shandong Hi-speed Group Co.,Ltd, Shandong Provincial Communications Planning and Design Institute and Shandong Hi-speed Materials Technology Development Group Co., Ltd.