Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao will acquire an additional 38.3% stake in Neway Valve Co., Ltd. from Tongtai Co., Ltd. and Neway Group Co., Ltd. for CNY 2.2 billion.
March 17, 2022
Share
Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao will acquire an additional 38.3% stake in Neway Valve (Suzhou) Co., Ltd. (SHSE:603699) from Tongtai (Hongkong) Co., Ltd. and Neway Group Co., Ltd. for CNY 2.2 billion on March 16, 2022. As per the terms, 286.8 million shares will be acquired at CNY 7.70 per share. On May 5, 2022, parties signed supplemental agreement.
Under the supplemental agreement, Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao will acquire 325.08 million shares representing 43.4% stake at CNY 6.82 per share. The total price paid by Wang Baoqing to Tongtai Hong Kong will be CNY 552,421,870.00; the total price to be paid by Lu Bin to Tongtai Hong Kong will be CNY 256,098,150.00; the total price paid by Lu Bin to Neway Group was CNY 293,172,880.00; Cheng Zhangwen will pay to Neway Group The total price paid by Xi Chao to Neway Group will be CNY 553,787,080.00; the total price paid by Xi Chao to Neway Group will be CNY 553,047,880.00. The transaction is expected to complete on June 17, 2022.
Neway Valve Suzhou Co Ltd is a China-based company primarily engaged in the production and research and development of industrial valves. The Companyâs main business is to provide customers with industrial valve solutions. The Companyâs main products include ball valves, butterfly valves, gate valves, globe valves, check valves, control valves, nuclear valves, subsea valves, safety valves and other products. The Companyâs products are used in petroleum, natural gas, refining, chemicals, shipbuilding and offshore engineering, power plants, long-distance pipelines, new energy and other industries. The Companyâs other products include actuators, control systems, manifolds, data header and other oil equipment applied to gas and oil industry. The Company conducts its business in the domestic and overseas markets.
Wang Baoqing, Lu Bin, Cheng Zhangwen and Xi Chao will acquire an additional 38.3% stake in Neway Valve Co., Ltd. from Tongtai Co., Ltd. and Neway Group Co., Ltd. for CNY 2.2 billion.