Europtronic to sell 89% stake in Europtronic Suzhou
EUROPTRONIC Group has, together with other shareholders of Europtronic Suzhou, entered into a definitive sale and purchase agreement with Nantong Jianghai Power Electronics. Under the terms of the agreement, Nantong Jianghai Power Electronics will acquire the entire interest in Europtronic Suzhou for 180 million yuan (S$36 million).
The sale price will be paid to the Europtronic Suzhou shareholders based on their respective shareholdings in Europtronic Suzhou. Europtronic Group has a 89.05 per cent stake in the company, and will receive 160.29 million yuan. The remaining 19.7 million yuan will be paid to the remaining shareholders.
Europtronic said it intends to use proceeds from the sale to settle all of its liabilities. Any excess will be distributed to the shareholders of the company.
Europtronic Suzhou is a company established in China. It is currently engaged in the manufacture and distribution of own in-house manufactured metalised film capacitors and plastic film capacitors.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Parkway Life Reit Q1 DPU up 4% to S$0.0379
Japfa posts US$12.4 million Q1 profit, reversing from year-ago loss of US$43 million
PayPal lifts 2024 profit forecast as spending stays resilient, margins improve
Walmart to shut all health centers in US over lack of profitability
Japan may have spent 5.5 trillion yen on Apr 29 intervention, BOJ data suggests
3M to cut dividend on health-care spin, losing aristocrat status