Jujiang Construction Announces the Acquisition of 80% Equity Interest in a Local Education Practice Base
Exploring More PPP Projects to Diversify Its Business
HONG KONG, CHINA – Media OutReach – 14 Nov 2018 – Jujiang Construction Group Co., Ltd. (“Jujiang Construction“, together with its subsidiaries, the “Group“; stock code: 1459) is pleased to announce that, on 13 November 2018, the Company as purchaser and a third party as vendor entered into the Share Transfer Agreement, pursuant to which the Company agreed to acquire 80% of the Equity Interest in the Target Company from the Vendor at a cash consideration of RMB48,000,000.
The Target Company is a company established under the laws of the PRC and is principally engaged in the investment, development, construction and management of Tongxiang City Youth Quality Education Practice Base. The Target Company is a limited liability company with a registered capital of RMB 60,000,000 and has paid in full. In view of the Target Companies winning a Tongxiang City Youth Quality Education Practice Base public-private partnership (“PPP”) project, the Board considered that, by acquiring the Equity Interest, the Group would be able to diversify the its business.
Mr. Lyu Yaoneng, Chairman of Jujiang Construction, said, “We have negotiated and followed up certain PPP Projects with thorough explorations and constant investigations, trying to look for collaboration. This acquisition provides the Group with accumulated experience and opportunities to explore more PPP Projects in the future, which will have a positive impact on the future development of the Group. We will continue to actively implement the three major strategies of ‘major customer’, ‘going out’ and ‘quality business’, and the Company’s rapid and quality development will be positively facilitated. “
About Jujiang Construction Group Co., Ltd.
Jujiang Construction was established in 1965 as one of the earliest construction companies in Jiaxing, Zhejiang Province. With more than 50 years’ experience in the construction industry, the Group has built a successful track record in the industry in which the Group operates. The Group provides fully-integrated construction solutions, which consist of construction contracting and design, survey and consultancy services for building construction projects of all types and scales nationwide. With the Company’s development strategy of “major customers”, the Company has not only enhanced good relationship with local customers, but also expanded its engagement with China’s top ten real estate companies, such as Country Garden, Vanke, Sunac etc.