ShenZhen WeiYe Decoration Group Co.,LTD (SZSE:300621) agreed to acquire remaining 50% stake in Zhuhai Huafa Jinglong Construction Co., Ltd. from Guangdong Jinglong Culture Development Co., Ltd for approximately CNY 130 million on November 22, 2022. As per the terms of agreement, ShenZhen WeiYe Decoration Group shall pay 40% of the transaction consideration to Guangdong Jinglong Culture DevelopmentÃs custody account within 30 working days after the shareholdersà meeting approves this transaction and this agreement becomes effective. ShenZhen WeiYe Decoration and Guangdong Jinglong Culture Development agreed that they should submit the industrial and commercial change registration of the underlying assets to the industrial and commercial administration within 30 working days after ShenZhen WeiYe Decoration GroupÃs board of directors and shareholdersà meeting deliberate and approve the transaction proposal.
The board of ShenZhen WeiYe Decoration Group has approved the deal on November 22, 2022. The transaction still needs to be reviewed and approved by ShenZhen WeiYe Decoration's general meeting of shareholders.