Suzhou Xingye Materials Technology Co.,Ltd. cancelled the acquisition of 2.91% stake in General Lithium Corporation from Guangzhou Tianci Hi-tech Material Co., Ltd.
February 05, 2019
Share
Suzhou Xingye Materials Technology Co.,Ltd. (SHSE:603928) signed the equity transfer agreement to acquire 2.91% stake in General Lithium Corporation from Guangzhou Tianci Hi-tech Material Co., Ltd for approximately CNY 110 million on February 6, 2018. Under the terms, 25% of the total consideration will be paid within 3 days since approval from the board of directors of the Guangzhou Tianci Hi-tech Material Co., Ltd and another 25% of the total consideration will be paid within 3 days since approval from the shareholders of the Guangzhou Tianci Hi-tech Material Co., Ltd and remaining 50% will be paid within 3 days since completion of change of registry procedures. The underlying equity will be transferred within 10 working days since the payment of the first 2 installments of 25% each. The transaction is approved by the Board of Directors of Suzhou Xingye Materials Technology Co.,Ltd on February 6, 2018.
Suzhou Xingye Materials Technology Co.,Ltd. (SHSE:603928) cancelled the acquisition of 2.91% stake in General Lithium Corporation from Guangzhou Tianci Hi-tech Material Co., Ltd as of February 6, 2019.
Suzhou Xingye Materials Technology Co., Ltd. is a China-based company principally engaged in the research, development, production and distribution of functional new materials, especially foundry materials. The Companyâs products include foundry resin series, casting coating series, melting material series, as well as foundry auxiliary materials, among others. Its products are mainly applied in the fields of automobile and internal combustion engines, machine tools, power generation, cast iron pipes, construction machinery, smelting and heavy machine, rail transit, as well as ship manufacturing, among others. The Company distributes its products within domestic market and to overseas markets.
Suzhou Xingye Materials Technology Co.,Ltd. cancelled the acquisition of 2.91% stake in General Lithium Corporation from Guangzhou Tianci Hi-tech Material Co., Ltd.
SUZHOU XINGYE MATERIALS TECHNOLOGY CO.,LTD. 
