HONG KONG SAR –
Media OutReach Newswire – 17 April 2024 –
Yeebo (International Holdings) Limited (“Yeebo” or the “Company”, stock code: 259, which together with its subsidiaries is referred to as the “Group”) has held a special general meeting (“SGM”) to pass resolution for the very substantial disposal of certain shares in Nantong Jianghai (stock code: 002484.SZ). The resolution was passed by 100% votes. Billion Power Investment Limited, a wholly-owned subsidiary of Yeebo, entered into an agreement to sell 170,130,000 shares in Nantong Jianghai to Zhejiang Construction Investment Group Limited (“Zhejiang Construction Investment Group”).
Mr. Douglas Fang, Chairman of Yeebo, said, “We are pleased to have gained the support from shareholders to pass the resolution on the disposal of the shares. As a strategic shareholder of Nantong Jianghai for 19 years, we believe that this is a good and appropriate time for Yeebo to bring on a state-owned strategic shareholder. Such addition to its shareholding structure will uniquely position Nantong Jianghai, offering it the opportunity in combining the best of both the private sector and state-owned enterprises. The transaction will further amplify Nantong Jianghai’s growth and development prospect – leveraging on the prospective strategic shareholder’s distinctive and competitive advantages, integrating complementary synergies between the two companies, as well as tapping into new market opportunities through vertical expansions.”
Nantong Jianghai has long ranked among the best in China’s capacitor industry. It commands considerable lead over its peers, especially in the industrial segment. Such change in the shareholding structure will open Nantong Jianghai up to the vast resources and opportunities, that are typically exclusive to the state-owned enterprises.
Zhejiang Construction Investment Group is a wholly owned subsidiary of Zhejiang Communications Investment Group Co., Ltd. (“Zhejiang Communications Investment Group”). Zhejiang Communications Investment Group is backed by the Zhejiang Provincial Government and belongs to the State-owned Assets Supervision and Administration Commission of Zhejiang Province. Zhejiang Communications Investment Group is one of the two major investment platforms of the Zhejiang Province. As at the end of 2023, Zhejiang Communications Investment Group had total assets of RMB931.3 billion and recorded revenue of RMB328.8 billion. It was ranked 310th among Fortune Global 500 in 2023.
Upon the completion of the transaction, Yeebo will retain an 8.81% stake in Nantong Jianghai. Yeebo will stay on as a strategic shareholder, and remains confident on the robust growth prospect of Nantong Jianghai. Moreover, the proceeds generated from the sale of shares in this transaction will not only enhance Yeebo’s financial strength but also serve as a catalyst for further business expansion and development.
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The issuer is solely responsible for the content of this announcement.
