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Yokechem Technology acquires 10% equity of Chengdu kemeite Special Gas in RMB 147m deal

Yokechem Technology acquires 10% equity of Chengdu kemeite Special Gas in RMB 147m deal

Yokechem Technology is to acquire a 10% equity stake in Chengdu kemeite Special Gas Co. Ltd, in a deal worth around RMB 147m ($20.7m).

According to an announcement made on 25thMay, the deal is part of the company’s overall strategic plan. It will better support the operation and development of the holding subsidiary Chengdu kemeite Special Gas Co., Ltd.

The company signed the equity acquisition agreement with the minority shareholders of comett, Lai Minggui and Lai Mingfu, and purchased 10% of the total shares of comett held by both, with the cash of RMB 147m.

Jiangsu Yokechem Technology Co., Ltd. and Chengdu comett Special Gas Co., Ltd. held a signing ceremony of merger and reorganisation on 17thJuly 2017, and purchased 90% of the shares of Chengdu comett Special Gas Co., Ltd. by issuing shares. After the completion of this transaction, the company directly holds 100% equity of comett.

According to Yokechem Technology’s 2019 annual report, the operating revenue of its specialty gas business is RMB 395m ($55.8m) and net profit was RMB 163m ($23m).

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