Hainan Expressway Co., Ltd. entered into an agreement to acquire 46.4% stake in Hainan United Asset Management Co., Ltd from Hainan Development Holdings Co., Ltd. for approximately CNY 510 million.
December 08, 2020
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Hainan Expressway Co., Ltd. (SZSE:000886) entered into an agreement to acquire 46.4% stake in Hainan United Asset Management Co., Ltd from Hainan Development Holdings Co., Ltd. for approximately CNY 510 million on December 7, 2020. Under the terms, CNY 482 million will be paid within five working days from the date when all the effective conditions contained in this agreement are fulfilled and remaining will be paid and remaining CNY 30 million within fifteen working days from the date when the transfer of Hainan United Asset is registered in the name of buyer. Hainan United Asset reported total assets of CNY 1.8 billion and net assets of CNY 1 billion as of August 31, 2020. The transaction is subject to approval by shareholders of Hainan Expressway. The transaction has been approved by the Board of Hainan Expressway on December 8, 2020.
Hainan Expressway Co., Ltd. is a China-based company principally engaged in the development and sales of real estate. The Company is also engaged in the highway construction, maintenance and management business, as well as other transportation business. The Company is also involved in the provision of tourism services. The Company mainly operates its business in Hainan Province, China.
Hainan Expressway Co., Ltd. entered into an agreement to acquire 46.4% stake in Hainan United Asset Management Co., Ltd from Hainan Development Holdings Co., Ltd. for approximately CNY 510 million.