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| Wednesday, 23 August 2023, 17:29 HKT/SGT | |
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HONG KONG, CHINA, Aug 23, 2023 - (ACN Newswire) - Global New Material International Holdings Limited (the "Company", Stock Code: 6616.HK) announced that all conditions precedent under each of the CQV Sale Shares Agreements and the CQV Treasury Shares Agreement have been satisfied and the Closing took place on 22 August 2023.
Upon the Closing, the Company holds 42.45% of the issued shares of CQV and is the single largest shareholder of CQV. CQV has become a non-wholly owned subsidiary of the Company with the financial performance and position to be consolidated into the accounts of the Group.
As part of the Closing, the Company has allotted and issued an aggregate of 47,106,546 Consideration Shares at the Issue Price to CQV Vendors and CQV. The Consideration Shares, representing 3.81% of the total number of the Shares in issue as enlarged by the Consideration Shares, rank pari passu with the existing Shares in issue.
It has been a business strategy of the Group to seek overseas investment opportunities by engaging in merger and acquisition activities which provide growth potential and enhance the value for the Shareholders. The Directors believe that the Acquisition offers a good chance for the Group to tap on opportunities in and expand its business presence in the international pearlescent pigments industry.
The Acquisition is also consistent with the Group's business strategy and could enhance the synergy between CQV and the Group. Through the acquisition and control of CQV, the Group can leverage the experience, know-how and market presence of CQV, increase its market share, enhance its product offerings and thereby increase the overall competitiveness of the Group.
About Global New Material International Holdings LTD.
Global New Material International specializes in the manufacturing and sale of pearlescent pigment products and artificial synthetic mica. Leveraging unique materials, the company offers an expansive range of over 950 distinct product variations catering to diverse industrial, exterior, and cosmetic applications. Based on its 2021 revenue, the company is known as the largest pearlescent pigment producer in China and the fourth largest globally.
About CQV Co., Ltd.
CQV, the largest pearlescent pigment player in Korea, is renowned for its advanced expertise in producing mica-based products and cutting-edge pearlescent materials, which are applied in industrial, automotive and cosmetic sectors.
Topic: Press release summary
Sectors: Chemicals, Spec.Chem
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From the Asia Corporate News Network
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