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| Thursday, 24 August 2023, 08:30 HKT/SGT | |
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HONG KONG, CHINA, Aug 24, 2023 - (ACN Newswire) - On August 23, 2023, Global New Material International Holdings Limited (the "Company", stock code: 6616.HK) announced that it completed the acquisition of certain CQV shares and all CQV treasury shares.
The Company announced that all conditions precedent under the 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.
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 on 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 Holdings Limited, a company incorporated in the Cayman Islands with limited liability, the Shares of which are listed on the Main Board of the Hong Kong Stock Exchange (stock code: 06616.HK). The Group is principally engaged in the business of production and sales of pearlescent pigment products and synthetic mica powder in the PRC. It provides more than 950 different types of products used in industrial, exterior and cosmetic applications. The Company is known as the largest pearlescent pigment producer in China and the fourth largest globally based on 2021 revenue.
About CQV Co., Ltd.
CQV is a company incorporated in the Republic of Korea with limited liability on 20 October 2000 with its common shares listed on KOSDAQ (KOSDAQ: 101240). CQV is principally engaged in the production and sales of pearlescent pigments in the Republic of Korea. CQV has developed world-leading synthetic mica product offers and mature technology to produce high-end pearlescent materials 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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