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Jul 06th
Market News > Must Read News > 16.84% of Zhejiang Longhua Holding to be Purchased for RMB 70 Mln

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May

16.84% of Zhejiang Longhua Holding to be Purchased for RMB 70 Mln PDF Print E-mail
(600352) ZHEJIANG LONGSHENG GROUP CO.,LTD

On 24 Apr 2008 the company signed an equity transfer agreement to purchase a 16.84% stake in Zhejiang Longhua Holding Group Co. Ltd from natural person Wang Guanshui for RMB 70 mln. A proposal regarding the issue was examined and approved by the 13th Meeting of the 4th Board of Directors held on 24 Apr 2008 and does not need to be submitted to a general meeting of shareholders for discussion and approval.

On 3 Apr 2008 a meeting of the board of directors of the company approved the signing of an equity transfer agreement with related parties to purchase a 74.81% stake in Zhejiang Longhua. Following the purchase of the 16.84% stake, the company will hold 91.65% of Zhejiang Longhua.

The method of pricing for the purchase for the 16.84% stake in Zhejiang Longhua was fair, just and open. The transaction will benefit the company in enhancing its overall strength and in maximizing the interests of its shareholders.

Board of Directors
24 Apr 2008

CN01/MZ/KM/GB

 
 

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