Red Star Macalline Group Enters Joint Venture Transaction to Acquire 100% Stake in Red Star Yantai

MT Newswires Live08-07

Red Star Macalline Group (HKG:1528, SHA:601828) agreed to enter into joint venture transaction documents along with its subsidiary Shanghai Xingkai with China Cinda and Cinda Capita regarding the partnership in Tianjin Xinmei, a Tuesday filing with the Hong Kong Exchange said.

Tianjin Xinmei, as per the agreement, will establish a special purpose vehicle for the transfer of the entire equity interest of Red Star Yantai to the SPV for 980 million yuan and provide a loan of 1.3 billion yuan to Red Star Yantai.

According to the transaction documents, Cinda Capital shall serve as the general and managing partner of Tianjin Xinmei, with China Cinda as the preferred limited partner and Shanghai Xingkai as the subordinated limited partner of Tianjin Xinmei.

The parties involved in the joint venture will be putting in different amounts of capital contributions and upon the completion of the transaction, Red Star Yantai will become a wholly-owned subsidiary of the company.

According to the filing, the company will be required to compensate the other parties in certain cases or take up the entire partnership interest of the JV company at a mandatory transfer price under some conditions.

Price (HKD): $1.23, Change: $-0.01, Percent Change: -0.81%

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