Li Yugong completed the acquisition of 10.42% stake in Shandong Hongyu Agricultural Machinery Co., Ltd.from Yantai Tongqi Investment Center (Limited Partnership).
January 02, 2020
Share
Li Yugong entered into an agreement to acquire 10.42% stake in Shandong Hongyu Agricultural Machinery Co., Ltd. (SZSE:002890)from Yantai Tongqi Investment Center (Limited Partnership) for approximately CNY 140 million on December 25, 2019. Pursuant to the terms of agreement, Li Yugong will acquire 6.95 million shares at a price of CNY 20.7 per share. Li Yugong will pay 20% consideration within 20 working days after the stock exchange has approved the share transfer and issued a share transfer confirmation letter. Within 20 working days after Yantai Tongqi transferred 6.95 million underlying shares to Li Yugong stock account through the securities registration and settlement company, Li Yugong will pay the remaining 80% of the consideration. Yantai Tongqi Investment Center (Limited Partnership) will retain 0.99% stake in Shandong Hongyu Agricultural Machinery.
Li Yugong completed the acquisition of 10.42% stake in Shandong Hongyu Agricultural Machinery Co., Ltd. (SZSE:002890)from Yantai Tongqi Investment Center (Limited Partnership) on January 3, 2020. Securities Transfer Registration Confirmation issued by Shenzhen Branch of China Securities Depository and Clearing Co., Ltd. has been obtained.
Shandong Hongyu Precision Machinery Co Ltd, formerly Shandong Hongyu Agricultural Machinery Co Ltd, is a China-based company principally engaged in the research and development, manufacture and sales of tractor lifter products. The Company's main products include large, medium and small horsepower lifter products and related spare parts. Its spare parts mainly include the distributor, cylinder and other lifter parts. Its products are mainly applied for the manufacturing of tractors and other heavy machineries. The Company mainly distributes its products in domestic market.
Li Yugong completed the acquisition of 10.42% stake in Shandong Hongyu Agricultural Machinery Co., Ltd.from Yantai Tongqi Investment Center (Limited Partnership).