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Huayu cobalt company plans to acquire 805 million yuan worth of 15.68% of Huayu Quzhou new shares from Xinda Xinneng
Oct 29,2019 14:03CST
translation
Source:SMM
Huayu cobalt industry announced on the evening of October 28 that the company intends to purchase its 15.68% stake in Huayu Quzhou by issuing shares from Xinda Xinneng. The final transaction price of the 15.68% stake in Huayu Quzhou is 805 million yuan. Upon completion of the transaction, Huayu Cobalt will hold a 100% stake in Huayu Quzhou.
The content below was translated by Tencent automatically for reference.

SMM10, March 29: Huayu Cobalt Industry announced on the evening of October 28 that the company intends to purchase 15.68 percent of its shares in Huayu Quzhou by issuing shares to Cinda Xinneng. The final transaction price of 15.68 percent of Huayu Quzhou shares is 805 million yuan. Upon completion of the transaction, Huayu Cobalt will hold a 100% stake in Huayu Quzhou.

Huayu cobalt industry has previously announced that it intends to buy 3.2 billion yuan to buy all shares in Bamo technology and 862 million yuan to buy 15.68% shares in Huayu Quzhou; listed companies will issue shares in accordance with 32.24 yuan per share, and the two companies will be wholly owned after the transaction is completed, and no more than 3.2 billion yuan of matching funds will be raised. However, since then, Huayu Cobalt Company has adjusted the assets and trading parties that won the bid in the original reorganization plan of the company. After the adjustment, Huayu Cobalt Industry plans to acquire 15.68 per cent of Huayu Quzhou shares (priced at 805 million yuan) and raise no more than 800m yuan of matching funds, which is now disclosed by Huayu Cobalt Industry.

Huayu cobalt industry is mainly engaged in the manufacturing of new energy lithium electrical materials and cobalt new materials products, as well as cobalt, copper non-ferrous metal mineral resources mining, selection business and non-ferrous smelting processing business. The company's leading products are new energy lithium materials ternary precursor products and cobalt oxide, cobalt sulfate and other cobalt products, as well as cobalt, copper, nickel metal products.

As one of the important production bases of Huayu cobalt industry nonferrous manufacturing plate, Huayu Quzhou is an important foundation of Huayu cobalt industry manufacturing capacity, and plays an important role in the integrated industrial structure of the company. At the same time, Huayu Quzhou is also an important supplier in the cobalt new material market. It has extensive and long-term business cooperation with Hunan Cunninghamia lanceolata, Tianjin Bamo, Peking University and other major lithium battery cathode material manufacturers, and has a certain market influence.

Huayu Cobalt Industry said that Huayu Quzhou occupies an important link in the industrial chain of listed companies. Through this transaction, Huayu Quzhou will become a wholly owned subsidiary of a listed company. Accordingly, listed companies can further strengthen the control of important subsidiaries, which is conducive to the layout and implementation of the overall strategy of listed companies, so as to promote the performance growth of listed companies and create greater value for shareholders.

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