China Wolong to Repurchase Stake in Nanyang Explosion Protection Group

SHANGHAI, May 19 (SMM) – China’s Wolong Electric Group is planning to repurchase stake in Nanyang Explosion Protection Group, according to its announcement released on May 16.

Wolong Electric Group, who now holds 58.48% in Nanyang Explosion Protection Group, will take 97.46% stake in Nanyang Explosion Protection Group after this transaction with offer prices of 1.12 billion yuan ($ 0.17 billion).

After the first acquisition in 2015, Nanyang Explosion Protection Group achieved 1.49 billion yuan in business revenues in the year with net profit of 102 million yuan. And the company reported business revenues at 336 million yuan in January-March this year and net profit at 29.3 million yuan. 

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