Jiangxi Guotai Group Co.,Ltd. agreed to acquire 16.7815% stake in Beijing Togest Automation System Equipment Co., Ltd. from Liu Shengquan, Chen Jianyun, Liu Jing, Suqian Taige Yunchuang Enterprise Management Consulting Partnership (Limited Partnership), Wu Hui, Liu Shibing, Jiang Shilin, Hu Ying and Chen Qiulin for CNY 139.3 million
July 13, 2022
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Jiangxi Guotai Group Co.,Ltd. (SHSE:603977) agreed to acquire 16.7815% stake in Beijing Togest Automation System Equipment Co., Ltd. from Liu Shengquan, Chen Jianyun, Liu Jing, Suqian Taige Yunchuang Enterprise Management Consulting Partnership (Limited Partnership), Wu Hui, Liu Shibing, Jiang Shilin, Hu Ying and Chen Qiulin for CNY 139.3 million on July 12, 2022. The consideration will be paid in cash. This transaction has been reviewed and approved at the 20th meeting of the fifth board of directors of Jiangxi Guotai Group Co. The transaction is subject to approval from government regulatory authorities. For the year ended December 31, 2021, Beijing Togest Automation System Equipment recorded operating income of CNY 298.7 million, net profit of CNY 88.9 million. As of December 31, 2021 total assets recorded were CNY 566 million and net assets were CNY 439.7 million.
Jiangxi Guotai Group Co., Ltd., formerly Jiangxi Guotai Industrial Explosive Group Co., Ltd., is a China-based company principally engaged in the research, development, manufacture and distribution of civil explosive products and the provision of blasting services. The Companyâs products include industrial explosives, industrial detonators, as well as industrial detonating cords, among others. The Companyâs products are applied in the mining operations, infrastructure construction and other related fields. The Company is also involved in the development of blasting operation video surveillance platform and the provision of engineering installation services. The Company mainly operates its business in domestic market.
Jiangxi Guotai Group Co.,Ltd. agreed to acquire 16.7815% stake in Beijing Togest Automation System Equipment Co., Ltd. from Liu Shengquan, Chen Jianyun, Liu Jing, Suqian Taige Yunchuang Enterprise Management Consulting Partnership (Limited Partnership), Wu Hui, Liu Shibing, Jiang Shilin, Hu Ying and Chen Qiulin for CNY 139.3 million