Jiuquan Hanhan Economic Investment Group Co., Ltd completed the acquisition of five subsidiaries of Gansu Dunhuang Seed Group Co.,Ltd..
September 24, 2020
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Jiuquan Hanhan Economic Investment Group Co., Ltd entered into a framework agreement to acquire Five subsidiaries of Gansu Dunhuang Seed Group Co.,Ltd. (SHSE:600354) for approximately CNY 170 million on September 1, 2020. As per terms of transaction, Jiuquan Hanhan Economic Investment Group Co., Ltd will acquire Gansu Dunhuang Seed Industry Vegetable Seedling Co., Ltd., Jiuquan Dunhuang Seed Agricultural Technology Co., Ltd., Gansu Dunzhong Longfeng Ecological Agriculture Development Co., Ltd., Gansu Dunhuang Seed Oil Co., Ltd. and Gansu Dunhuang Seed Packaging Co., Ltd. from Gansu Dunhuang Seed Group Co.,Ltd. In a related transaction, Jiuquan Hanhan Economic Investment Group Co., Ltd entered into an framework agreement to acquire 51% stake in Dunhuang Seed Agricultural Technology (Shanghai) Co., Ltd. from Gansu Dunhuang Seed Group Co.,Ltd. for CNY 26 million on September 1, 2020. Transaction is subject to shareholder approval of Gansu Dunhuang Seed Group Co.,Ltd. On September 11, 2020, Gansu Dunhuang Seed Group received the approval from Jiuquan State-owned Assets Supervision and Administration Commission of Jiuquan State-owned Assets Supervision and Administration Commission. Gansu Dunhuang Seed Group’s shareholders meeting will be held on September 16, 2020 to review and approve the transaction. On September 16, 2020, the 2nd Extraordinary Shareholders Meeting of 2020 approved the transaction.
Jiuquan Hanhan Economic Investment Group Co., Ltd completed the acquisition of five subsidiaries of Gansu Dunhuang Seed Group Co.,Ltd. (SHSE:600354) on September 25, 2020. Jiuquan Hanhan Economic Investment Group Co., Ltd acquired Gansu Dunhuang Seed Packaging Co., Ltd. on September 23, 2020; Gansu Dunhuang Seed Oil Co., Ltd. on September 24, 2020; Gansu Dunhuang Seed Industry Vegetable Seedling Co., Ltd., Jiuquan Dunhuang Seed Agricultural Technology Co., Ltd. and Gansu Dunzhong Longfeng Ecological Agriculture Development Co., Ltd. acquired on September 25, 2020.
Gansu Dunhuang Seed Group Co Ltd is a China-based company mainly engaged in the research and development, production, processing and sales of various types of crop seeds. The Company mainly conducts its businesses through three segments. The Seed Business segment is mainly engaged in the research and development, production, processing and sales of various types of crop seeds. The Food and Trade Business segment is mainly engaged in the production, processing and sales of dehydrated vegetables, tomato powder and tomato paste, as well as the acquisition, processing, warehousing and trading of cotton and its by-products and other agricultural products. The Other Business segment is mainly engaged in other seed-related businesses. The Company mainly conducts its businesses in domestic and overseas markets.