Nanning Chemical Industry Co., Ltd. intends to acquire Guangxi Bagui Engineering Supervision & Consulting Co., Ltd. from Guangxi Xijiang Development & Investment Group Co., Ltd. for approximately CNY 160 million.
August 01, 2021
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Nanning Chemical Industry Co., Ltd. (SHSE:600301) intends to acquire Guangxi Bagui Engineering Supervision & Consulting Co., Ltd. from Guangxi Xijiang Development & Investment Group Co., Ltd. for approximately CNY 160 million on August 2, 2021. The consideration shall be paid to the bank account designated by Guangxi Xijiang Development & Investment Group Co., Ltd. within 20 working days from the effective date of this agreement. For the year ended on December 31, 2021, Guangxi Bagui Engineering Supervision & Consulting Co., Ltd. reported total assets of CNY 150 million. equity of CNY 100 million, Operating income of CNY 170 million and net profit of CNY 20 million. This proposal still needs to be submitted to the general meeting of shareholders for deliberation. The transaction has been approved by BOD of Nanning Chemical Industry Co., Ltd. As of August 18, 2021, transaction has been approved by shareholders of Nanning Chemical Industry.
Guangxi Huaxi Nonferrous Metal Co Ltd, formerly Nanning Chemical Industry Co Ltd, is a China-based company principally engaged in trading business and supervision business. The trading business is mainly based on commodity trading, and the main products include coal and steel. The supervision business is mainly engaged in the supervision services of highway and water transportation projects, including project supervision, bidding agency, test and inspection, design consulting and other services. The Company is also engaged in non-ferrous metal exploration, mining, ore dressing and other related businesses.
Nanning Chemical Industry Co., Ltd. intends to acquire Guangxi Bagui Engineering Supervision & Consulting Co., Ltd. from Guangxi Xijiang Development & Investment Group Co., Ltd. for approximately CNY 160 million.