Hangzhou Star Shuaier Electric Appliance Co., Ltd. signed share transfer agreement to acquire additional 21.77% stake in ZheJiang Special Electric Motor Co.Ltd from group of sellers for CNY 80.7 million.
January 10, 2019
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Hangzhou Star Shuaier Electric Appliance Co., Ltd. (SZSE:002860) signed share transfer agreement to acquire additional 21.77% stake in ZheJiang Special Electric Motor Co.Ltd from group of sellers for CNY 80.7 million on December 19, 2018. The consideration is to be paid in cash. Under the terms, Hangzhou Star Shuaier Electric Appliance will acquire 8.5 million shares. Post-acquisition, Hangzhou Star Shuaier Electric Appliance will hold 46.76% stake in ZheJiang Special Electric Motor.
The transaction is subject to the Hangzhou Star Shuaier Electric Appliance’s shareholders’ approval. The transaction has been approved by the Board of Directors of Hangzhou Star Shuaier Electric Appliance at the 14th Meeting of the 3rd Directorate held on December 20, 2018. The Sellers' Internal Decision-making Authorities have approved the transaction. The transaction has been approved by the extraordinary general meeting of Hangzhou Star Shuaier Electric Appliance held on January 28, 2019. The transaction has been approved by Shengzhou Market Supervision and Administration Bureau on January 29, 2019. AllBright Law Offices acted as legal advisor and Zhonghui Certified Public Accoutants Co., Ltd. acted as accountant for Hangzhou Star Shuaier Electric Appliance. Essence Securities Co., Ltd. acted as financial advisor for Hangzhou Star Shuaier Electric Appliance Co., Ltd.
Hangzhou Star Shuaier Electric Appliance Co Ltd is a China-based company principally engaged in the research, development, production and sales of various types of thermal protectors, starters, sealed terminals for refrigeration compressors, temperature controllers for small household appliances, small and medium-sized, micro motor products and solar photovoltaic modules. The Company's products include photovoltaic modules, thermal protectors, starters, sealed terminals, optical communications, optical sensor components, temperature controllers and small and medium-sized, micro motors, which are used in power generation systems such as residential, commercial and ground photovoltaic power stations, military industry , children's toy cars, lighting, switches and other fields. The Company mainly conducts its businesses in the domestic market and overseas markets.
Hangzhou Star Shuaier Electric Appliance Co., Ltd. signed share transfer agreement to acquire additional 21.77% stake in ZheJiang Special Electric Motor Co.Ltd from group of sellers for CNY 80.7 million.
HANGZHOU STAR SHUAIER ELECTRIC APPLIANCE CO., LTD. 
