Zhejiang Orient Holdings Co., Ltd. (SHSE: 600120) cancelled the acquisition of an additional 10.87% stake in Zhejiang Yong'an Futures Brokerage Co., Ltd. from Zhejiang International Business Group Co., Ltd.
October 10, 2012 at 12:00 am EDT
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Zhejiang Orient Holdings Co., Ltd. (SHSE: 600120) agreed to acquire an additional 10.87% stake in Zhejiang Yong'an Futures Brokerage Co., Ltd. from Zhejiang International Business Group Co., Ltd. for approximately CNY 250 million in cash on October 10, 2011. The payment will be done in 2 phases. Zhejiang Orient Holdings will pay Zhejiang International Business 60% of the transaction price within 3 working days after the approval from the Zhejiang Orient Holdings's shareholders' meeting and from the State-owned Assets Supervision and Administration Commission of the People's Government of Zhejiang Province and the remaining balance will be paid within 3 working days after the approval from CSRC and the completion of the modification for industry and commerce.
After acquiring the 10.87% stake, Zhejiang Orient Holdings will hold a 16.3% stake in Yongan Futures. The transaction is subject to approval of shareholders of Zhejiang Orient Holdings and approval of State-owned Assets Supervision and Administration Commission of the People's Government of Zhejiang Province. The Board of Directors of Zhejiang Orient Holdings approved the transaction on October 10, 2011. As of March 27, 2012, the transaction has been approved by CSRC. Zhejiang Wide-World Appraisal Co., Ltd acted as the appraiser for the transaction.
Zhejiang Orient Holdings Co., Ltd. (SHSE: 600120) cancelled the acquisition of an additional 10.87% stake in Zhejiang Yong'an Futures Brokerage Co., Ltd. from Zhejiang International Business Group Co., Ltd. on October 10, 2012.
Yongan Futures Co Ltd is a China-based company mainly engaged in the futures risk management business. The Company is also engaged in futures brokerage business, overseas financial service business, fund sales business, asset management business, structured entity business and futures investment consulting business. The Company's futures risk management business mainly includes basis trading, over-the-counter derivatives business, and market making business. The Company's futures brokerage business includes commodity futures brokerage and financial futures brokerage.
Zhejiang Orient Holdings Co., Ltd. (SHSE: 600120) cancelled the acquisition of an additional 10.87% stake in Zhejiang Yong'an Futures Brokerage Co., Ltd. from Zhejiang International Business Group Co., Ltd.