Nanjing Redsun Co., Ltd. (Redsun) releases a notice on 7 Dec., saying its proposal to buy pesticide-related assets from Nanjing First Pesticide Group Co., Ltd. (NFP Group) has been approved by the government, calling an end to the over two years’ long-lasting reorganization. Redsun also reveals that it has not received the formal approval file from China Securities Regulatory Commission yet and it will release the news timely once it receives it.
According to the reorganization proposal, Redsun intends to buy the 100% stakes in Nanjing RedSun Biochemicals Co., Ltd. (Nanjing Biochemicals), the 100% stakes in Anhui Guoxing Biochemical Co., Ltd. (Anhui Guoxing), and the 100% stakes in Nanjing RedSun International Trade Co., Ltd. (Redsun Trade).
To acquire the three companies, Redsun will issue 225 million new shares to NFP Group with the price of USD1.39 per share. The assets of the three companies are evaluated to be USD313.38 million.
FIGURE: Share holding changes of Redsun Group and related companies in the reorganization
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