GCL TECH Plans RMB 2.5 Billion Acquisition of GCL Lithium Battery

Deep News10-20 20:40

On October 19, GCL TECH (ASX: 03800) disclosed an announcement stating that the company intends to acquire approximately 81.91% equity interest in Sichuan GCL Lithium Battery Technology Co., Ltd. (hereinafter referred to as "GCL Lithium Battery"), a subsidiary of GCL Group, with a preliminary estimated amount of approximately RMB 2.5 billion (equivalent to approximately HKD 2.936 billion).

The announcement shows that this acquisition will be paid through a combination of cash and the allotment and issuance of consideration shares.

It is reported that GCL Lithium Battery is mainly engaged in the research and development, production, sales and service of lithium iron phosphate cathode materials for new energy batteries.

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