Dec. 20, 2016
The Zhejiang Wynca Group recently announced its intention to sign an equity share transfer agreement with Jolly Holding Group to sell five percent stake (worth 7 million yuan) of Wynca in the Zhejiang Hanghua New Material Technology Ltd.
In all, the transfer will involve 27.7522 million yuan (roughly 3.96 yuan per share).
Wynca explained that the transaction would be in line with the company’s strategic restructuring plan. The decision, it said, was taken to ensure best utilization of the company’s assets. It will generate for the company an income of 20.7522 million yuan, thus shoring up the firm’s current financial position.
Currently, Hanghua New Material Technology’s equity structure involves 71.43 percent share being held by the Jolly Holding Group, 20 percent by the Hangzhou Research Institute of Chemical Technology Ltd and 8.57 percent by the Zhejiang Wynca Group.