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Yahua Group: Wholly owned subsidiary plans to acquire a 51% stake in Longhai Security for no more than 362 million yuan
Mars Finance reports that Yahua Group announced that its wholly-owned subsidiary Yahua Civil Explosives plans to acquire a 51% stake in Weifang Longhai Security Technology Co., Ltd., held by Weifang Longhai Civil Explosives, using its own funds not exceeding 362 million yuan.
After the transaction is completed, Longhai Security will become a controlling subsidiary of Yahua Civil Explosives and will be included in the consolidated financial statements.
The target company has an industrial explosive production license approved by the Ministry of Industry and Information Technology with a capacity of 64.3k tons and an approved capacity of 5.7k tons pending approval.
This acquisition aims to expand the company’s explosive capacity; after integration, Yahua Civil Explosives’ explosive capacity will increase from 260k tons to nearly 330k tons.