Weihua's proposed purchase of 100% stake in Shengtun Lithium Industry has been conditionally approved

SMM10, October 10: on the evening of October 9, according to the results of the 47th meeting of the merger and reorganization Committee disclosed on the official website of the Securities Regulatory Commission in 2019, Weihua's proposed purchase of 100% of Shengtun Lithium Industry was conditionally approved.

It is reported that Weihua shares intend to issue shares to buy 100% shares in Shengtun Group, Shengtun Trade, Fujian Huamin, Qianhai Ruize, Sichuan Guorui, Dongfang Changfeng holding 100% shares in Shengtun Lithium Industry, priced at 922.5 million yuan. The M & A reorganization Committee requires Weihua shares to make supplementary disclosure of the specific measures to ensure the output of products and achieve sales in 2019 in combination with the progress of certificates and formalities related to the construction of the underlying assets mine; in addition, Weihua shares are required to disclose the specific measures to enhance the effectiveness of internal control, improve corporate governance and protect the legitimate rights and interests of small and medium-sized investors after the completion of this transaction.

Data show that before this transaction, Weihua shares the main business is divided into two major sectors, one is the new energy materials business, mainly the production and sales of basic lithium salt and rare earth products; the other is the production and sales of medium and high density fibreboard, forest planting and sales. After the transaction, the production and sales of new energy materials such as lithium salt and rare earth products, one of the main businesses of Weihua shares, have been extended to the mining and separation business of upstream lithium mines.

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