Jujiang Construction Announces the Acquisition of 80% Equity Interest in a Local Education Practice Base

November, 14/2018 - 09:04
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 ConstructionGroup Co., Ltd.("Jujiang Construction", together with its subsidiaries, the "Group";stock code: 1459) ispleased to announce that, on 13 November 2018, the Company as purchaser and athird party as vendor entered into the Share Transfer Agreement, pursuant towhich the Company agreed to acquire 80% of the Equity Interest in the TargetCompany from the Vendor at a cash consideration of RMB48,000,000.

 

The Target Company is acompany established under the laws of the PRC and is principally engaged in theinvestment, development, construction and management of Tongxiang City YouthQuality Education Practice Base. The Target Company is a limited liability companywith a registered capital of RMB 60,000,000 and has paid in full. In view ofthe Target Companies winning a Tongxiang City Youth Quality Education PracticeBase public-private partnership ("PPP") project, the Board considered that, byacquiring the Equity Interest, the Group would be able to diversify the itsbusiness.

 

Mr. Lyu Yaoneng, Chairman of Jujiang Construction, said, "We have negotiated andfollowed up certain PPP Projects with thorough explorations and constant investigations,trying to look for collaboration. This acquisition provides the Groupwith accumulated experience and opportunities to explore more PPP Projects inthe future, which will have a positive impact on the future development of theGroup. We will continue to actively implement the three major strategies of'major customer', 'going out' and 'quality business', and the Company's rapidand quality development will be positively facilitated. "

 

About JujiangConstruction Group Co., Ltd.

JujiangConstruction was established in 1965 as one of the earliest constructioncompanies in Jiaxing, Zhejiang Province. With more than 50 years' experience inthe construction industry, the Group has built a successful track record in theindustry in which the Group operates. The Group provides fully-integratedconstruction solutions, which consist of construction contracting and design,survey and consultancy services for building construction projects of all typesand scales nationwide. With the Company's development strategy of "majorcustomers", the Company has not only enhanced good relationship with localcustomers, but also expanded its engagement with China's top ten real estatecompanies, such as Country Garden, Vanke, Sunac etc.


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