Changde City Development Group Co., Ltd. completed the acquisition of a 25% stake in Zhejiang Zhongcheng Packing Material Co., Ltd. from Chen Dakui.
December 02, 2021
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Changde Urban Development Group Co., Ltd. signed the share transfer agreement to acquire a 25% stake in Zhejiang Zhongcheng Packing Material Co., Ltd. (SZSE:002522) from Chen Dakui for CNY 2 billion on October 18, 2021. Changde Urban Development will acquire 226.44 million shares of Zhejiang Zhongcheng Packing Material at CNY 9 per share. The share transfer payment under the agreement shall be paid in three installments. On the date of signing and announcement of the agreement, Changde Urban Development Group paid 30% of the total price amounting to CNY 611.1 million to the account designated by Chen Dakui, the second installment of 60% of the total price amounting to CNY 1.2 billion shall be paid within 2 working days from the target share delivery date to the account designated by Chen Dakui and the third installment of 10% of the total price amounting to CNY 203.8 million shall be paid within 2 working days after the Zhejiang Zhongcheng Packing Material's board of directors and the board of supervisors complete the re-election in accordance with Article 8 of the agreement to the account designated by Chen Dakui.
Changde City Development Group Co., Ltd. completed the acquisition of a 25% stake in Zhejiang Zhongcheng Packing Material Co., Ltd. (SZSE:002522) from Chen Dakui on December 3, 2021.
Zhejiang Zhongcheng Packing Material Co., Ltd is a China-based company, principally engaged in the research and development, manufacture and distribution of multi-layer co-extruded polyolefin (POF) heat shrinkable films. The Company primarily provides POF ordinary films, POF cross-linked films and POF high performance films, including POF heat shrinkable films, cross-linked shrinkable films, anti-fogging cross-linked shrinkable films, low shrinkable films and shrinkable films for printing, among others. Through its subsidiaries, the Company is also engaged in the small loan businesses and the operation of packaging equipment, among others. The Company distributes its products within domestic market and to overseas markets.