Anhui Wanshengda New Building Materials Co., Ltd. completed the acquisition of Anhui Jianhuai Pipe Engineering Co., Ltd. from Beijing Hanjian Heshan Pipeline Co.,Ltd.
December 22, 2021
Share
Anhui Wanshengda New Building Materials Co., Ltd. signed an agreement to acquire Anhui Jianhuai Pipe Engineering Co., Ltd. from Beijing Hanjian Heshan Pipeline Co.,Ltd (SHSE:603616) for CNY 40 million on December 22, 2020. The consideration comprises CNY 26.2 million for the CNY 44.1 million being paid for the debt owed by Anhui Jianhuai Pipe Engineering Co., Ltd. to Anhui Wanshengda New Building Materials Co., Ltd. For the year ended December 31, 2019, Anhui Jianhuai Pipe Engineering Co., Ltd. reported revenues of CNY 28.2 million and net loss of CNY 15.5 million. As on August 31, 2020, Anhui Jianhuai Pipe Engineering Co., Ltd. reported total assets of CNY 52.2 million and net assets of CNY 1.6 million. The Board of Directors of Beijing Hanjian Heshan Pipeline Co., Ltd. approved the deal on December 22, 2020. The deal does not need approval from shareholders.
Anhui Wanshengda New Building Materials Co., Ltd. completed the acquisition of Anhui Jianhuai Pipe Engineering Co., Ltd. from Beijing Hanjian Heshan Pipeline Co.,Ltd (SHSE:603616) on December 22, 2021. Which is an estimated date.
Beijing Hanjian Heshan Pipeline Co.,Ltd is a China-based company principally engaged in the manufacture and sales of concrete pipes for water delivery. The Company provides products including prestressed concrete cylinder pipe (PCCP), reinforced concrete drainage pipe (RCP) and commercial concrete. The Company's lead product, PCCP, is applied in large and medium-sized water diversion projects, municipal water supply and drainage and other water projects. The Company operates its business in North China, northeast area and northwest area of China.
Anhui Wanshengda New Building Materials Co., Ltd. completed the acquisition of Anhui Jianhuai Pipe Engineering Co., Ltd. from Beijing Hanjian Heshan Pipeline Co.,Ltd.