目标公司拥有稳健的海底电缆制造能力、先进的技术研发能力以及坚实的客户基础。收购事项将使本公司进一步提升其在该领域的产业定位，并有利本公司进一步扩展至海底电缆及海洋工程的整个产业链。于收购事项前，本公司持有目标公司的30%股权。取得目标公司的控股权益将使本公司在海底电缆制造、安装及海洋工程建设方面实现更大的协同效益。Yofc (06869.HK) announced on September 20 that on September 20, 2024, the company (as the buyer) entered into a property transaction contract with Baosheng Science and Technology Innovation (as the seller). Accordingly, the company has agreed to acquire 30% equity of Baosheng Submarine Cable (as the target company) in cash for RMB 0.583 billion (excluding transaction costs).
After the completion of the acquisition, the target company will be owned by the company with a 60% stake, thus becoming a non-wholly owned subsidiary of the company, and the financial performance of the target company will be consolidated into the group's consolidated financial statements.
Baosheng Submarine Cable is mainly engaged in the design, development, manufacture, and sale of ocean construction products, such as submarine cables, submarine optical cables, photoelectric composite cables, special submarine cables, direct current cables, high voltage cables, ultra-high voltage cables, umbilical cables, towing cables, OPGW wires, cables, and related accessories.
The target company has strong underwater cable manufacturing capabilities, advanced technological research and development capabilities, and a solid customer base. The acquisition will further enhance the company's positioning in the industry and facilitate the company's further expansion into the entire industry chain of submarine cable manufacturing, installation, and ocean construction.
Due to the fact that the controlling shareholder of Draka Compteq B.V., Prysmian Group, is engaged in a business similar to Baosheng Submarine Cable overseas, Philip van Hil, Pierre Faccini, and Frederic Pecon have waived voting on the approval of the property transaction contract and the related board resolutions on the proposed transactions. Philip van Hil, Pierre Faccini, and Frederic Pecon believe that the proposed transactions under the property transaction contract align with the company's diversification strategy and are beneficial for the company's business expansion. Apart from the above, no other directors have significant interests in the property transaction contract or the proposed transactions under it, or are required to abstain from voting on the related board resolutions regarding the approval of the property transaction contract or the proposed transactions.