Keda Clean Energy Co., Ltd. signed an agreement to acquire 53.62% stake in Qinghai Weili New Energy Material Co., Ltd. for approximately CNY 160 million.
January 03, 2017
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Keda Clean Energy Co., Ltd. (SHSE:600499) signed an agreement to acquire 53.62% stake in Qinghai Weili New Energy Material Co., Ltd. from Zhi Xinfa, Zhong Yonghui, Zhong Yongliang and Shou Yongjun for approximately CNY 160 million on January 4, 2017. In a related transaction, Keda Clean Energy Co., Ltd. signed an agreement to acquire 62% stake in Qinghai FoZhao Lithium Energy Development Co., Ltd from Qinghai Tianji Rareelements Technology Development Limited and Tibet Meixing Funeng Venture Capital Management Co., Ltd. for approximately CNY 310 million. Keda Clean Energy will use its own capital to pay the consideration. As of November 30, 2016, Qinghai Weili New Energy Material Co., Ltd. reported total assets of CNY 53.94 million and net assets of CNY 33.40 million. The deal was approved by the Board of Keda Clean Energy on January 4, 2017 and does not need any shareholder approval.
Keda Industrial Group Co Ltd is a China-based company principally engaged in the manufacture and sales of building material machineries. The Company is mainly engaged in three businesses. The building materials machinery business mainly includes the manufacture of building ceramic machinery and wall machinery. The African building materials business mainly includes the production and sales of building ceramics in the African market. The lithium battery materials and strategic investment business mainly include lithium ion battery material business, clean energy and environmental protection business, hydraulic pump business and smart energy business.
Keda Clean Energy Co., Ltd. signed an agreement to acquire 53.62% stake in Qinghai Weili New Energy Material Co., Ltd. for approximately CNY 160 million.
KEDA INDUSTRIAL GROUP CO., LTD. 
