News: On December 30, Wuzhou International Holdings Co., Ltd. issued an announcement stating that for the transaction in which it intends to sell 100% of the equity of Wuzhou International Real Estate Co., Ltd., the shareholders of the selling company changed back to the registration of these sellers (ie the shareholders of the selling company) Completed on December 19, 2019.
Wuzhou International stated that trading in the company's shares on the Stock Exchange has been suspended from 9:00 am on September 3, 2018 and will remain suspended until further notice.
According to the opinion of Real Estate New Media, on December 25, 2017, the buyer and seller entered into a relevant agreement. Among them, Wuxi Zhongnan, Wuxi Longxiang, Wuxi Longteng, and Wuxi Longan as sellers sold 28%, 16%, 26%, and 30% equity of the target company, respectively, and the agreed purchase amounts were 98 million, 56 million, 91 million and 105 million yuan, the parties agreed to make a one-time payment in cash on January 15, 2018.
But when the time went to August 20, 2018, Wuzhou International's announcement showed that the buyer only paid these sellers 10 million yuan. Given that the buyer has not paid the purchase price in full to the seller, the sale has not been completed and the ultimate control of the selling company remains with those sellers. Wuzhou International and the buyer also agreed that if the buyer fails to pay the purchase price in full, Wuzhou International has the right to request that the shareholder registration of the selling company be changed.
Announced on January 25, 2019, Wuzhou International announced that on December 1, 2018, the seller and the buyer entered into a voluntary termination agreement on the sale. According to the agreement, when the buyer agreed to switch back to the selling company's shareholders and change the registration, the group agreed to the company. 10 million yuan refunded. The seller has refunded 50% of the refund (ie 5 million yuan) to the buyer and expects to return the balance on or around February 2019.
Regarding the status of the change back, the buyer has signed an agreement with Wuzhou International on December 24, 2018 to transfer the entire equity of the company to Wuzhou International. An application has been made to the relevant Chinese authorities to reverse the change and is being processed. It is expected to be completed around February 2019.
Today, Wuzhou International announced that the registration of the shareholders of the selling company back to these sellers has been completed on December 19, 2019. Trading of the company's shares on the Stock Exchange has been suspended from 9:00 am on September 3, 2018, and trading will remain suspended until further notice.