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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.