China Smart Acquired by China Ming Yang Wind Power
Published By : 19 May 2015 |Published By : QYRESEARCH
The company China Ming Yang, the Wind Power firm has recently announced that the firm Ming Yang has entered a deal to share their purchase agreements. The pursuant has acquired around 99 per cent stake in the China Smart, which is a Cayman Islands firm.
The firm China Smart currently owns all the equity interest in the firm Wise Renergy Holdings which is company based in Hong Kong and in turn owns all the equity interest from the mainland China based subsidiaries. The closing of this acquisition deal of the 99 per cent stake interest in China Smart is anticipated to occur around May 20th and the company Ming Yang is projected to acquire the rest of the 1 per cent stake in the firm Renergy in the foreseeable future.
Furthermore, for the exchange of 100 per cent stake in Renergy the firm Ming Yang will pay around a total purchase consideration which is worth RMB925.4 million. This amount will be paid in a mix of cash along with the newly issued shares in the company Ming Yang.
The cash part of the deal will be around RMB300 million and around 60 per cent of this amount will be paid over the period of 3 months and 20 per cent will be paid within the six months while others of the 20 per cent will be paid in a period of twelve months starting from May 18 of 2015.