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Red Star Macalline Group Enters Joint Venture Transaction to Acquire 100% Stake in Red Star Yantai
RS Macalline and China Cinda and Cinda Capital have entered into a transaction agreement for the partnership enterprise transaction.
RS Macalline (01528) announced that on August 6, 2024, the board of directors approved the signing of the transaction documents between the company and its subsidiaries (i.e. Shanghai Xingkai) and China Cinda and Cinda Capital regarding the joint venture transaction. Shanghai Xingkai, China Cinda and Cinda Capital hold 61.49%, 38.43% and 0.08% partnership interests in Tianjin Xinmei, respectively. Tianjin Xinmei will establish an SPV to complete the proposed transaction, namely SPV will acquire all the equity of Yantai Red Star for a consideration of RMB 0.98 billion. SPV will also provide a loan of RMB 1.3 billion to Yantai Red Star to repay its debt.
RS Macalline (01528.HK) and China Cinda, as well as Cinda Capital, have signed transaction documents for the joint enterprise trade.
On August 6th, Gelonhui announced that the board of directors approved on August 6, 2024, that the company and its subsidiary (Shanghai Xingkai) and China Cinda and Cinda Capital entered into a transaction agreement for the proposed partnership transaction. The purpose of the partnership: Tianjin Xinmei will establish an SPV to complete the proposed transaction. The consideration for the equity transfer of the proposed transaction is RMB 0.98 billion yuan, and the SPV will also provide RMB 1.3 billion yuan of shareholder loans to Yantai Red Star to repay its outstanding loans. After the partnership transaction is completed, Yantai Red Star will be a wholly-owned subsidiary of the company.
Express News | Red Star Macalline - China Cinda Commits to Make RMB500 Mln Capital Contribution and Shanghai Xingkai Commits to Make RMB800 Mln Capital Contribution
Express News | Red Star Macalline Group Corp Ltd - Spv Shall Also Provide Loan of RMB1.3 Bln to Red Star Yantai to Repay Outstanding Loan
Express News | Red Star Macalline - Consideration for Equity Transfer of Proposed Transaction Shall Be RMB980 Mln
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