Hubei International Trade Group Co., Ltd. completed the acquisition of 26% stake in Shanghai Ace Investment&Development Co.,Ltd from Jiangsu Ace Investment Group Co., Ltd.
February 04, 2024
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Hubei International Trade Group Co., Ltd. agreed to acquire a 26% stake in Shanghai Ace Investment&Development Co.,Ltd (SHSE:603329) from Jiangsu Ace Investment Group Co., Ltd. for CNY 730 million on September 15, 2023. Hubei International Trade Group Co., Ltd. signed share transfer agreement to acquire 26% stake in Shanghai Ace Investment&Development Co.,Ltd (SHSE:603329) from Jiangsu Ace Investment Group Co., Ltd. for CNY 730 million on September 20, 2023. The transaction is approved by board of directors of Hubei International Trade Group Co., Ltd. and is subject to regulatory approvals. As of December 13, 2023, Hubei Provincial State-owned Assets Supervision and Administration Commission has approved the transaction. As on December 18, 2023, The parties involved Signed the ?Supplementary Agreement to the Equity Transfer Agreement? adjusting the validity period of the Agreement. As of January 3, 2024, State Administration for Market Regulation has approved the Transaction. As of January 9, 2024, The parties involved Signed the ?Supplementary Agreement (II) to the Equity Transfer Agreement?. The transaction has also passed the compliance review of the Shanghai Stock Exchange and obtained the compliance confirmation document issued by the Exchange.
Hubei International Trade Group Co., Ltd. completed the acquisition of 26% stake in Shanghai Ace Investment&Development Co.,Ltd (SHSE:603329) from Jiangsu Ace Investment Group Co., Ltd. on February 5, 2024.
SHANGHAI ACE INVESTMENT & DEVELOPMENT CO., LTD. is a China-based company which is mainly engaged in supply chain logistics and supply chain implementation of the trading business. The Company provides all aspects of supply chain logistics services, including port agents, customs clearance, bonded warehousing, loading and unloading, container operations, rail transport, road transport, water transport, warehousing and logistics management and other services. The Company provides service to phosphorous chemical industry, non-ferrous metals, coal industry and other industries. The Company also provides logistics-related customized services to large industrial customers.
Hubei International Trade Group Co., Ltd. completed the acquisition of 26% stake in Shanghai Ace Investment&Development Co.,Ltd from Jiangsu Ace Investment Group Co., Ltd.