Jiangxi Civil Explosive Investment Co., Ltd. agreed to acquire 32.5% stake in Jiangxi Guotai Industrial Explosive Group Co., Ltd. for free.
January 04, 2019
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Jiangxi Civil Explosive Investment Co., Ltd. agreed to acquire 32.5% stake in Jiangxi Guotai Industrial Explosive Group Co., Ltd. (SHSE:603977) for free on November 5, 2018. On December 10, 2018, a provisional transfer agreement was signed. A total of 127.2 million shares will be acquired. Upon completion, Jiangxi Civil Explosive Investment Co., Ltd.'s stake will increase from 20.89% to 53.4%. On November 5, 2018, Jiangxi Civil Explosive Investment Co., Ltd. convened the Board of Directors to consider and approve the transfer of this free equity transfer. On November 16, 2018, Jiangxi Military Industrial Holding Group Co., Ltd. convened the Board of Directors to consider and approve the transfer. On November 22, 2018, Jiangxi Dacheng State-owned Assets Management and Management Co., Ltd. , parent of Jiangxi Civil Explosive Investment Co., Ltd. convened the Board of Directors to deliberate and approve the transfer. On December 7, 2018, the Jiangxi Provincial State-owned Assets Supervision and Administration Commission approved the transfer. The State-owned Assets Supervision and Administration Commission of Jiangxi Province approved the transfer as of January 5, 2019.
Jiangxi Guotai Group Co., Ltd., formerly Jiangxi Guotai Industrial Explosive Group Co., Ltd., is a China-based company principally engaged in the research, development, manufacture and distribution of civil explosive products and the provision of blasting services. The Companyâs products include industrial explosives, industrial detonators, as well as industrial detonating cords, among others. The Companyâs products are applied in the mining operations, infrastructure construction and other related fields. The Company is also involved in the development of blasting operation video surveillance platform and the provision of engineering installation services. The Company mainly operates its business in domestic market.