Fujian Snowman Co., Ltd. agreed to acquire 40% stake in Zhaoqing Heping Refrigeration Components Co., Ltd. from Heping Refrigeration Components Co., Ltd. and Zhaoqing Greenhalgh Refrigeration Equipment Co., Ltd. for CNY 21.5 million.
January 23, 2015 at 11:00 pm EST
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Fujian Snowman Co., Ltd. (SZSE:002639) agreed to acquire 40% stake in Zhaoqing Heping Refrigeration Components Co., Ltd. from Heping Refrigeration (Private) Components Co., Ltd. and Zhaoqing Greenhalgh Refrigeration Equipment Co., Ltd. for CNY 21.5 million on January 23, 2015. Heping Refrigeration (Private) Components Co., Ltd. will transfer stake for CNY 7.79 million and Zhaoqing Greenhalgh Refrigeration Equipment Co., Ltd. will transfer stake for CNY 13.69 million. Fujian Snowman Co., Ltd. must pay 50% of the share transfer price, that is, CNY 10.74 million within 30 days after the contract conclusion and pay the remaining 50% of the share transfer price, that is, CNY 10.74 million within 10 days after the completion of the change of business registration. After the share transfer, the shareholders will carry out Zhaoqing Heping Refrigeration Components Co., Ltd.'s capital increase of CNY 15.1 million.
During the year ended December 31, 2014, Zhaoqing Heping Refrigeration Components Co., Ltd. had total assets of CNY 38.31 million, revenues of CNY 0, net assets of CNY 38.22 million, operating profit of CNY 1.25 million, and net profit of CNY 0.9 million. Board of Directors of Fujian Snowman Co., Ltd. approved the transaction on January 23, 2015. The transaction does not need the shareholders' approval.
FUJIAN SNOWMAN CO., LTD. is a China-based company principally engaged in the research and development, manufacturing and sales of refrigeration equipment. The Company's main products include ice making equipment, compressors and central air conditioning systems. Its products are mainly used in the concrete cooling, cold chain logistics, nuclear power, chemical, commercial supermarket, food processing and other fields. The Company is also engaged in central air conditioning system sales and installation business, as well as the provision of oil and gas technical services. The Company mainly operates its business in the domestic and overseas markets.