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[XGNews]: Lingyizhizao announced the acquisition of Zhuhai Flextronics by $385 million

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The following is the [XGNews]: Lingyizhizao announced the acquisition of Zhuhai Flextronics by $385 million recommended by xgapn.com.

News on January 12 (Nanshan) Guangdong lingyizhizao Co., Ltd. announced yesterday evening that the company held the 37th meeting of the Fourth Board of directors on December 22, 2020, deliberated and passed the “proposal on purchasing 100% equity of Flextronics industry (Zhuhai) Co., Ltd.”. The company will acquire 100% equity of Flextronics industrial Zhuhai (Mauritius) Co., Ltd. (hereinafter referred to as “Zhuhai Flextronics”) through its wholly-owned subsidiary Shenzhen Lingyi Technology Development Co., Ltd.

After the equity acquisition, lingyizhizao will own the land, plant and other assets of Zhuhai Flextronics. The total consideration of this transaction is equivalent to the sum of RMB 367.6232 million plus the cash balance of Zhuhai Flextronics at the time of delivery in US dollars.

On January 7, 2021, Flextronics Industrial (Zhuhai) Co., Ltd. has completed the registration procedures for the change of shareholders and other related industrial and commercial changes, and obtained the “Notice of approval of change registration” and business license issued by Zhuhai market supervision and Administration Bureau.

Lingyizhizao said that as of January 8, 2021, the cash balance of Zhuhai Flextronics was 17.1276 million yuan. According to the equity transfer agreement signed by all parties and the mutual confirmation of all parties, the final consideration of this transaction is equivalent to US $384.7508 million.

In addition, it is understood that on January 11, lingyizhizao and the Management Committee of Guilin economic and Technological Development Zone signed a project cooperation agreement in Guilin. The company will set up a wholly-owned legal entity company in Guilin economic and Technological Development Zone to invest in the construction of lingyizhizao intelligent manufacturing project and build “lingyizhizao intelligent manufacturing Industrial Park”. The total planned investment of this project is no less than 1 billion yuan.

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