China Zhengyuan Geomatics Co., Ltd completed the acquisition of remaining 51% stake in Shandong Zhengyuan Aviation Remote Sensing Technology Limited from Beijing Peace Map Co., Ltd.
December 30, 2014 at 04:00 am
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China Zhengyuan Geomatics Co., Ltd entered into an agreement to acquire remaining 51% stake in Shandong Zhengyuan Aviation Remote Sensing Technology Limited from Beijing Peace Map Co., Ltd. for CNY 12.2 million on December 9, 2014. China Zhengyuan will pay the consideration by way of bank transfer to Beijing Peace within 15 business days from the date of the equity transfer agreement. Post acquisition Shandong Zhengyuan Aviation Remote Sensing Technology will operate as a 100% subsidiary of China Zhengyuan Geomatics. Shandong Zhengyuan Aviation Remote Sensing Technology posted a revenue of CNY 15.4 million, net profit before taxation of CNY 3 million and net profit after taxation of CNY 2.3 million for the year ended on December 31, 2013. The audited net asset value of Shandong Zhengyuan was CNY 19.6 million as on December 31, 2013.
The transaction is not subject to approval by independent financial advice and independent shareholders. The transaction was approved by Board of Peace Map Holding Limited, parent of Beijing Peace. The completion of the transaction is subject to the change of record of the industrial and commercial registration which shall take place within 30 days from the date Beijing Peace receiving the consideration of the sale share. The net proceeds from the transaction of CNY 12 million will be used as general working capital of Peace Map Holding.
China Zhengyuan Geomatics Co., Ltd completed the acquisition of remaining 51% stake in Shandong Zhengyuan Aviation Remote Sensing Technology Limited from Beijing Peace Map Co., Ltd. on December 30, 2014.
Zhengyuan Geomatics Group Co Ltd is a China-based company engaged in geographic information technology services. The Company's surveying and mapping geographic information technology service business mainly provides geographic information data collection, processing, integration, and application technical services. The technical service business of underground pipe network safety operation and maintenance guarantees mainly provides technical services of basic pipeline information and information acquisition, processing, disease treatment and functional recovery for underground pipe network management and operation maintenance. The smart city construction and operation service business integrates geographic information with the Internet of Things, the Internet, big data, and cloud computing to realize the digitization and intelligence of city operation management, public safety, and environmental protection.