Zhejiang Linuo Flow Control Technology Co.,Ltd canceled the acquisition of Wuzhou Valve Co., Ltd . from Chen Jinfa.
August 23, 2022
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Zhejiang Linuo Flow Control Technology Co.,Ltd (SZSE:300838) signed a letter of intent to acquire 25.3% stake in Wuzhou Valve Co., Ltd . from Chen Jinfa on August 25, 2021. Under the terms of the transaction, Zhejiang Linuo Flow Control Technology Co.,Ltd will acquire 53,093,016 shares in Wuzhou Valve Co., Ltd . The transfer price will be confirmed based on the audit and assessment reports, and Zhejiang Linuo Flow Control Technology Co.,Ltd agreed to pay a deposit of CNY 10 million. In a related transaction, Zhejiang Linuo Flow Control Technology Co.,Ltd signed a share transfer agreement to acquire Wuzhou Valve Co., Ltd . from Huang Qingxiong, and Beijing Yuhe Juye Investment Management Center (Limited Partnership) for CNY 65.7 million. The transaction has been approved in the 22nd (Extraordinary) Meeting of Zhejiang Linuo Flow Control Technology Co.,Ltd's 3rd Directorate, and do not need the Shareholders' Approval.
Zhejiang Linuo Flow Control Technology Co.,Ltd (SZSE:300838) canceled the acquisition of Wuzhou Valve Co., Ltd . from Chen Jinfa on August 24, 2022. On September 9, 2022, after deliberation and approval at the seventh meeting of the fourth board of directors and the sixth meeting of the fourth board of supervisors, the company, Chen Jinfa, Wang Yuyan and Wuzhou Equipment Co., Ltd. signed the "About Wuzhou Valve Co., Ltd. share repurchase agreement to returned a deposit of 10 million yuan and repurchased the shares of Wuzhou Valves acquired by Zhejiang Linuo according to the actual consideration paid by Zhejiang Linuo.
Zhejiang Lenuo Flow Control Technology Co Ltd is a China-based company mainly engaged in the research, development, production and sales of industrial control valves. The Company's products include control valves, such as regulating and switching valves, process valves and accessories. Its products are used in petroleum, petrochemical, chemical, paper, environmental protection, energy, power, mining, metallurgy, medicine, food and other industries. The Company mainly conducts its businesses within the domestic market.