Nanjing Tourism Group Co., Ltd. cancelled the acquisition of 31.43% stake in Nanjing Zhongbei Friendship International Travel Service Co., Ltd. from Nanjing Public Utilities Development Co., Ltd..
August 07, 2019
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Nanjing Tourism Group Co., Ltd. agreed to acquire 31.43% stake in Nanjing Zhongbei Friendship International Travel Service Co., Ltd. from Nanjing Public Utilities Development Co., Ltd. (SZSE:000421) for CNY 4.8 million on August 8, 2018. An agreement is expected to be signed shortly. Upon completion of the acquisition, Nanjing Tourism Group Co., Ltd will hold 31.43% stake in Nanjing Zhongbei Friendship International Travel Service Co., Ltd. and Nanjing Public Utilities Development will hold 40% stake from existing 71.43% stake.
Nanjing Zhongbei Friendship International Travel Service Co., Ltd. reported net assets of CNY 4.19 million, total assets of CNY 42.35 million, sales of CNY 539.50 million and net profit of CNY 0.67 million as of December 31, 2017. 2nd session of the 10th directorate meeting of Nanjing Public Utilities Development approved the deal on the same date.
Nanjing Tourism Group Co., Ltd. cancelled the acquisition of 31.43% stake in Nanjing Zhongbei Friendship International Travel Service Co., Ltd. from Nanjing Public Utilities Development Co., Ltd. (SZSE:000421) on August 8, 2019.
Nanjing Public Utilities Development Co., Ltd., formerly Nanjing Zhongbei (Group) Co., Ltd. is a China-based company principally engaged in the operation of vehicle transportation and development of real estates. The Company is also involved in electricity power generation, automobile distribution and tourism service businesses, among others. The Company mainly operates its businesses in the domestic market, including Jiangsu province and Hebei province, China. Through its subsidiaries and associates, the Company is also involved in the provision of taxi services, development, distribution and leasing of commercial housings, property management, passenger transportation services, as well as electricity and heat supplying business, among others.
Nanjing Tourism Group Co., Ltd. cancelled the acquisition of 31.43% stake in Nanjing Zhongbei Friendship International Travel Service Co., Ltd. from Nanjing Public Utilities Development Co., Ltd..
NANJING PUBLIC UTILITIES DEVELOPMENT CO., LTD. 
