Xiangtan Electrochemical Scientific Ltd. completed the acquisition of Xiangtan Sewage Treatment Co., Ltd. from Xiangtan Zhenxiang State-owned Assets Management Co., Ltd.
January 09, 2015 at 11:00 pm
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Xiangtan Electrochemical Scientific Ltd. (SZSE:002125) agreed to acquire Xiangtan Sewage Treatment Co., Ltd. from Xiangtan Zhenxiang State-owned Assets Management Co., Ltd. for approximately CNY 180 million in stock on January 29, 2014. Xiangtan Electrochemical Scientific Ltd. issued 22.7 million shares at CNY 8 each. The transaction is subject to approval by State-owned Assets Supervision and Administration Commission of Hunan Provincial People's Government and by CSRC. The transaction was approved by State-owned Assets Supervision and Administration Commission of Hunan Provincial People's Government on January 29, 2014. The transaction is approved by Board of Directors of Xiangtan Electrochemical on February 13, 2014 and by shareholders on August 7, 2014. On July 31, 2014, the Hunan Provincial State-owned Assets Supervision and Administration Commission agreed in principle to the acquisition of Xiangtan Sewage Treatment Co., Ltd. As on December 29, 2014, the transaction was approved by the China Securities Regulatory Commission. Shenyin & Wanguo Securities Co., Ltd. acted as financial advisor for Xiangtan Electrochemical Scientific Ltd. Pan-China Certified Public Accountants (Special General Partnership) acted as accountant, (Hunan) Qiyuan Law Firm acted as legal advisor to Xiangtan Electrochemical Scientific Ltd. Kaiyuan Asset Appraisal Co., Ltd. acted as the appraisal agency to the transaction.
Xiangtan Electrochemical Scientific Ltd. (SZSE:002125) completed the acquisition of Xiangtan Sewage Treatment Co., Ltd. from Xiangtan Zhenxiang State-owned Assets Management Co., Ltd. on January 10, 2015.
XIANGTAN ELECTROCHEMICAL SCIENTIFIC CO., LTD is a China-based company principally engaged in the research, development, production and sales of chemical materials. The Company's products mainly include common electrolytic manganese dioxide, mercury-free manganese dioxide, lithium manganese type electrolytic manganese dioxide, electrolytic manganese dioxide for lithium manganese oxide, electrolytic manganese metal, anhydrous iron phosphate and others. The Company is also engaged in sewage treatment business. The Company distributes its products within domestic market and in overseas markets.