Jiangsu Seagull Cooling Tower Co.,Ltd. signed an agreement to acquire Jiangsu Ocean Cooling Equipment Co., Ltd. from Guo Shizhen, Yang Bo and Shen Zhichun for CNY 80.7 million.
June 19, 2020
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Jiangsu Seagull Cooling Tower Co.,Ltd. (SHSE:603269) signed an agreement to acquire Jiangsu Ocean Cooling Equipment Co., Ltd. from Guo Shizhen, Yang Bo and Shen Zhichun for CNY 80.7 million on June 19, 2020. After the signing of the agreement, Jiangsu Ocean Cooling paid 70% of the consideration and remaining 30% will be paid within 15 working days after the asset delivery. Currently, Guo Shizhen, Yang Bo and Shen Zhichun owns 89.75%, 8% and 2.25% stakes in Jiangsu Ocean Cooling Equipment, respectively. Jiangsu Ocean Cooling generated revenues of CNY 62.07 million, operating profit of CNY 9.12 million, net profit of CNY 7.3 million, total assets of CNY 56.85 million and net assets of CNY 16.22 million for the year ended December 31, 2019. On June 19, 2020, the 4th session of Jiangsu Seagull Cooling's 8th directorate approved the transaction.
Jiangsu Seagull Cooling Tower Co., Ltd. is a China-based company principally engaged in the research, development, design, manufacture and installation of industrial cooling towers. The Company's main products include conventional cooling towers, open noise reduction towers, closed towers, open fog dispersal towers and others. The Company's products are used in petrochemical, metallurgical and power industries. The Company also provides industrial cooling towers related engineering and technical services. The Company distributes its products in the domestic market and to overseas markets
Jiangsu Seagull Cooling Tower Co.,Ltd. signed an agreement to acquire Jiangsu Ocean Cooling Equipment Co., Ltd. from Guo Shizhen, Yang Bo and Shen Zhichun for CNY 80.7 million.