Renze Harvest Subsidiary Signs Supplemental Agreement to Acquire Shantou Taisheng Technology

MT Newswires Live08-01

Renze Harvest International's (HKG:1282) subsidiary Shenzhen Baokai Investment Holding entered into the second supplemental agreement with Shenzhen Hong Jia Xin Technology to acquire the remaining equity interest in Shantou Taisheng Technology.

The parties agreed to downsize both, the equity interests to be acquired from 49% to 42.33% and the payment to be made from 1.13 billion yuan to 975.7 million yuan, a Wednesday filing with the Hong Kong Exchange said.

The parties agreed to settle the payment by, off-setting the amount of 436.5 million yuan due from GSLG group, the parent company of the vendor, by off-setting the 371.3 million yuan owed by Shenzhen Baoxin to Xiamen International Bank Fuzhou Branch, and by off-setting 167.9 million yuan due from GLSG Group to the company.

The company will hold 93.33% of the target company at the completion of the second tranche.

The company's shares were up nearly 4% on Thursday's close.

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