Shanghai Jiyou sells electric bearing business to controlling shareholder
Shanghai Jiyou announced that on February 26th, the Board of Directors had considered the company’s development of an equity transfer agreement with Shanghai Electric Corporation， Shanghai Electric Corporation agreed to acquire 100% of the shares in electric bearings at a total consideration of 58.848 million yuan. Electrical bearing is a wholly-owned subsidiary of the company.
Shanghai Electric Corporation is a controlling shareholder，Shanghai Electric Corporation and Electric Corporation Hong Kong respectively holds approximately 47.18% and 4.44% of the total issued share capital. After the equity transfer is completed, the company will no longer hold any equity in electric bearings. After the equity transfer, it is expected that the company will recognize a loss of approximately RMB 364,000, which is calculated by reference to the consideration for the equity transfer and the book value of 100% equity of Electric Bearing. The net proceeds from the equity transfer will be used as the general deduction of the Group after deducting the direct related expenses, or ready to provide funds for the Group’s new investment.1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
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