Guangdong Tianan New Material Co., Ltd. completed the acquisition of 66% stake in Foshan Eagle Ceramics Trading Co., Ltd from Guangdong Eagle Brand Group Co.,Ltd.
August 30, 2021
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Guangdong Tianan New Material Co., Ltd. (SHSE:603725) signed an equity transfer agreement to acquire 66% stake in Foshan Eagle Ceramics Trading Co., Ltd from Guangdong Eagle Brand Group Co.,Ltd for CNY 2.65 million on March 16, 2021. Under term of agreement, the consideration will be paid in installments, Within five working days from the date of signing of contract, Guangdong Tianan shall pay 30% of transaction price and Within five working days from the effective date of equity contract, it shall pay 50% of the transaction price and remaining price shall be provided within five working days from the date when the "Equity Transaction Contract" is signed and effective. In Related transaction, Guangdong Tianan New Material signed an agreement to acquire Foshan Shiwan Eagle Ceramics, Foshan Eagle Technology and Heyuan Dongyuan Eagle from Guangdong Eagle Brand Group Co.,Ltd for approximately CNY 510 million on March 16, 2021.
On February 25, 2021, Guangdong Tianan board reviewed and approved the proposal of on Participating in the Bid for the Equity and On March 10, 2021, Guangdong Tianan New Material received the "Organization Signing Notice" issued by the Southern United Property Rights Exchange confirming the same about transaction. As on December 31, 2020, Foshan Eagle Ceramics Trading Co., Ltd.’s reported total assets of CNY 10.9 million, net assets of CNY 2.02 million, revenue of CNY 8.8 million and net income of CNY -0.4452 million.
Liu Qiuming, Shen Xiaoyi, Gu Zhiwen, Chen Yunbo and Dou Jianyuan of Everbright Securities Co. LTD., Research Division acted as financial advisor to Guangdong Tianan New Material Co. Gu Gongyun, Yang Haifeng and Chen Yujing of Shanghai Allbright Law Firm acted as legal advisor to Guangdong Tianan New Material Co. Yang Zhiguo, Zhang Ning and Guo Huasai of BDO China SHU LUN PAN Certified Public Accountants LLP acted as an Accountant to Guangdong Tianan New Material Co. Hu Dongquan, Wu Wenxin and Xu Pingping of Zhonglian International Evaluation Consulting Co., Ltd represented Guangdong Tianan New Material Co., Ltd. in the transaction.
Guangdong Tianan New Material Co., Ltd. (SHSE:603725) completed the acquisition of 66% stake in Foshan Eagle Ceramics Trading Co., Ltd from Guangdong Eagle Brand Group Co.,Ltd on August 31, 2021.
Guangdong Tianan New Material Co Ltd is a China-based company principally engaged in the research and development, design, production and sales of architectural ceramics and polymer composite facing materials. The Company's main products include architectural ceramics, automotive interior facing materials, building fireproof facing materials, home decoration facing materials and films, artificial leather, and other polymer materials, such as polyvinyl chloride (PVC) facing materials, polypropylene (PP) facing materials, and Electron Beam Polypropylene (EBPP) decorative films. The Company is also engaged in the complete assembly business. The Company distributes its products within the domestic market and to overseas markets.
Guangdong Tianan New Material Co., Ltd. completed the acquisition of 66% stake in Foshan Eagle Ceramics Trading Co., Ltd from Guangdong Eagle Brand Group Co.,Ltd.