Foshan Electrical and Lighting Co.,Ltd Share Transfer Letter of Intent to acquire 8.42% stake in Foshan NationStar Optoelectronics Co.,Ltd from Guangdong Rising Assets Management Co., Ltd. and Guangdong Rising Holdings Group Co., Ltd. for CNY 66.7 million.
September 29, 2021
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Foshan Electrical and Lighting Co.,Ltd (SZSE:000541) Share Transfer Letter of Intent to acquire 8.42% stake in Foshan NationStar Optoelectronics Co.,Ltd (SZSE:002449) from Guangdong Rising Assets Management Co., Ltd. and Guangdong Rising Holdings Group Co., Ltd. for CNY 66.7 million on September 30, 2021. Foshan Lighting and its wholly-owned subsidiaries will hold a total of 132.819895 million shares of NationStar Optoelectronics, accounting for 21.48% of Foshan NationStar Optoelectronics Co.,Ltd total share capital. Foshan Lighting will become the controlling shareholder of Foshan NationStar Optoelectronics Co.,Ltd.
Transaction is subject to approval from Anti-Monopoly Bureau of the State Administration for Market Regulation, the listed company needs to hold a board of directors and a general meeting of shareholders to review the transaction report (draft) and other proposals and The Shenzhen Stock Exchange needs to confirm the compliance of this transaction. Transaction is approved by the Board of Foshan Electrical and Lighting Co.,Ltd. As On October 27, 2021, Foshan Electrical and Lighting Co.,Ltd convened the board of directors and the board of supervisors, which reviewed and approved the transaction. Qiu Kaijun and Du Qian of China Industrial Securities Co.,Ltd. (SHSE:601377) acted as financial advisor, Zhang Lu, Zheng Yiling and Wu Manshan of Tahota Law Firm acted as legal advisor, Shi Wenxian, Wang Bing and Wu Zihao of ZhongShen ZhongHuan acted as accountant to Foshan Electrical and Lighting Co.,Ltd.
FOSHAN ELECTRICAL AND LIGHTING CO.,LTD is a China-based company principally engaged in the manufacture, research, development and sale of lighting products. The Company's products are categorized into traditional lighting products and light-emitting diode (LED) lighting products, which include daylight lamps, halogen lamps, energy saving lamps, fluorescent lamps, vehicle headlights, traditional lamps, LED light source and LED lamps, among others. The Company's products are used in indoor and outdoor lighting, landscape lighting and vehicle lighting, among others. The Company distributes its products in domestic market and to overseas markets.
Foshan Electrical and Lighting Co.,Ltd Share Transfer Letter of Intent to acquire 8.42% stake in Foshan NationStar Optoelectronics Co.,Ltd from Guangdong Rising Assets Management Co., Ltd. and Guangdong Rising Holdings Group Co., Ltd. for CNY 66.7 million.