Guangzhou Industrial Investment Holding Group Co. Ltd completed the acquisition of 20% stake in Jiangsu Rainbow Heavy Industries Co., Ltd. from Nantong VAN Industries Co., Ltd.
March 15, 2022
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Guangzhou Industrial Investment Holding Group Co. Ltd entered into an framework agreement to acquire 20% stake in Jiangsu Rainbow Heavy Industries Co., Ltd. (SZSE:002483) from Nantong VAN Industries Co., Ltd. for CNY 1.3 billion on June 18, 2021. Under the terms, Guangzhou Industrial Investment Holding Group will acquire 188.5 million shares at CNY 6.69 per share each. After the transaction, GUANGZHOU MUNICIPAL GOVERNMENT will become Jiangsu Rainbow Heavy Industries Co., Ltd. actual controller. The transaction is subject to due diligence, approval by State-owned Assets Supervision and Administration Commission of Guangzhou and State Administration for Market Regulation's review for concentration of undertakings. As of October 9, 2021, Board of Directors of Guangzhou Industrial Investment. As of October 26, 2021, shareholders of Nantong VAN approved the transaction.
Guangzhou Industrial Investment Holding Group Co. Ltd completed the acquisition of 20% stake in Jiangsu Rainbow Heavy Industries Co., Ltd. (SZSE:002483) from Nantong VAN Industries Co., Ltd. on March 16, 2022.
Jiangsu Rainbow Heavy Industries Co., Ltd. is a China-based company principally engaged in the design, research, development, manufacture, sales and services of products for high-end equipment manufacturing business. The Company operates through two main segments. The General Equipment Manufacture segment is mainly engaged in the design, manufacture, sales and services of lifting equipment, ships and accessory equipment, marine engineering equipment and three-dimensional parking equipment. The Energy Saving and Environmental Protection segment is mainly involved in the provision of sludge treatment and disposal services, industrial wastewater treatment services and others.
Guangzhou Industrial Investment Holding Group Co. Ltd completed the acquisition of 20% stake in Jiangsu Rainbow Heavy Industries Co., Ltd. from Nantong VAN Industries Co., Ltd.