|
| Wednesday, 23 August 2023, 17:29 HKT/SGT | |
| |
|
|
|
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
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2026 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
| |
Latest Press Releases
FILMART and EntertainmentPulse draw about 8,000 industry participants
Mar 20, 2026 20:40 HKT/SGT
|
|
|
TANAKA Announces Executive Appointments
Mar 20, 2026 20:00 HKT/SGT
|
|
|
MarketingPulse and eTailingPulse attract more than 1,700 industry professionals
Mar 20, 2026 11:42 HKT/SGT
|
|
|
Anticipation of Unitree Robotics' IPO Heats Up, Value Revaluation for Shoucheng Holdings (0697.HK) Expected
Mar 20, 2026 08:30 HKT/SGT
|
|
|
Global Capital Reset Takes Centre Stage at Hall Chadwick's U.S. Capital Access Forum in Singapore
Mar 20, 2026 07:00 HKT/SGT
|
|
|
U.S. Polo Assn. Unveils 2026 Spring-Summer Global Collection, Inspired by Coastal Charleston, South Carolina
Mar 19, 2026 19:00 HKT/SGT
|
|
|
Honda to Expand Motorcycle Production Capacity in India by Adding New Motorcycle Production Line to its Second Plant
Thursday, March 19, 2026 5:32:00 PM
|
|
|
Honda WN7 Electric Motorcycle Wins Gold Award at iF DESIGN AWARD 2026
Thursday, March 19, 2026 5:16:00 PM
|
|
|
Hitachi, The University of Technology Sydney and NTT DATA Sign MoU to Accelerate Green Transformation in Australia
Thursday, March 19, 2026 5:08:00 PM
|
|
|
Affiliate of Pacific Avenue Capital Partners Completes Acquisition of Care.com from IAC
Mar 19, 2026 15:15 HKT/SGT
|
|
|
|
|
More Press release >> |
|
|
|
