|
| 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 © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
| |
Latest Press Releases
CEVA Joins Windrose To Test Long-Haul EV Trucking in China
June 28, 2025 01:00 HKT/SGT
|
|
|
"Tang Vogue Beyond the Horizons: A Golden Era of Multicultural Integration and Openness" exhibition opens 
June 27, 2025 22:36 HKT/SGT
|
|
|
Prime Minister Paetongtarn Positions Thailand as Regional AI Ethics Leader: Official Launch of AIGPC at the UNESCO Global Forum on the Ethics of AI 2025
June 27, 2025 17:00 HKT/SGT
|
|
|
GA-ASI Announces Investment in Dutch Technology Innovator Arceon
June 27, 2025 01:00 HKT/SGT
|
|
|
IBI Announces 23-Fold Surge in Net Profit for FY2025
June 26, 2025 22:37 HKT/SGT
|
|
|
Wasion Wins Three Major Smart Power Meter Contracts In Emerging Overseas Markets, Total Contract Value Exceeds HK$940 million
June 26, 2025 20:58 HKT/SGT
|
|
|
AEON Credit Reported Rebound Growth in 1QFY2025/26, Net Profit Up 31.3% to HK$109.3 million
June 26, 2025 20:01 HKT/SGT
|
|
|
Regina Miracle FY25 Net Profit Up by 28.4% to HK$180 Million
June 26, 2025 19:19 HKT/SGT
|
|
|
On Its Centennial: The Occasion of Replacing the Kiswa of the Noble Kaaba Embodies the Kingdom of Saudi Arabia's Enduring Care for the Two Holy Mosques
June 26, 2025 15:00 HKT/SGT
|
|
|
World's Premier AI Conference, World AI Show - Indonesia 2025, Arrives in Jakarta to Power Southeast Asia's AI Revolution
June 26, 2025 12:31 HKT/SGT
|
|
|
|
|
More Press release >> |
|
|
|
