Chifeng Gold plans to invest 100 million yuan to take a controlling stake in Guangyuan Technology, entering the waste home appliance dismantling industry.


Release time:

02 Jun,2015

Chifeng Gold stated that Guangyuan Technology is a waste electrical and electronic product processing enterprise that has been confirmed by the Ministry of Environmental Protection, Ministry of Finance, Development and Reform Commission, and Ministry of Industry and Information Technology to enjoy national environmental protection fund subsidies. It can create synergistic effects with the company's wholly-owned subsidiary, Chenzhou Xiongfeng Environmental Protection Technology Co., Ltd. This acquisition will enable the company to achieve complementary advantages and resource sharing, further optimize its business structure, expand its business scale, and enhance its profitability and sustainable development capabilities.

Chifeng Gold announced on the evening of June 1 that it plans to invest a total of 100 million yuan to acquire a 55% stake in Anhui Guangyuan Technology Development Co., Ltd. (referred to as "Guangyuan Technology"), becoming its largest shareholder.
  

According to the plan, the original shareholders of Guangyuan Technology, Lu Hong and Liang Xiaoyan, promised that Guangyuan Technology's net profits in 2015, 2016, and 2017 would be no less than 13 million yuan, 19 million yuan, and 28 million yuan, respectively, totaling no less than 60 million yuan over three years.
  Chifeng Gold stated that Guangyuan Technology is a waste electrical and electronic product processing enterprise that has been reviewed and confirmed by four ministries and commissions of the State Environmental Protection Department, Ministry of Finance, Development and Reform Commission, and Ministry of Industry and Information Technology, and enjoys national environmental protection fund subsidies. It can create synergistic effects with the company's wholly-owned subsidiary, Chenzhou Xiongfeng Environmental Protection Technology Co., Ltd. This acquisition will enable the company to achieve complementary advantages and resource sharing, further optimizing its business structure, expanding its business scale, and enhancing its profitability and sustainable development capabilities.

 

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