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Zhejiang Wynca acquires 14.7% of Nongfeike shares

Zhejiang Wynca Chemical Group Co., Ltd.( Zhejiang Wynca) announced in January 2018 that it intended to acquire 14.7% of shares of Zhejiang Nongfeike Agricultural Technology Co., Ltd. (Zhejiang Nongfeike) from Anyang Ximandi Fertilizer Co., Ltd. (Ximandi Fertilizer).

 

The announcement showed that after the completion of the equity transfer, Zhejiang Wynca would hold 60.8% stake of Zhejiang Nongfeike. Announcement expressed that agricultural service was an important development direction of Zhejiang Wynca to reach strategic transformation and Zhejiang Nongfeike would a starting point and opportunity for it to achieve full service in agricultural industry. The transfer can help Zhejiang Wynca better and faster develop layout of agricultural service platform.

 

It is reported that on May 20, 2015, Zhejiang Wynca invested USD4.6 million to establish Zhejiang Nongfeike with Ximandi Fertilizer, Beijing Avicinformation Technology Co., Ltd. and HuiLong Group Ruimei Agrochemical Co., Ltd., with the total registration capital of USD10.0 million. Specifically, Zhejiang Wynca invested USD4.6 million, accounting for 46.0%. Ximandi Fertilizer invested USD4.23 million, accounting for 42.7%.

 

So far, the actual investment of Ximandi Fertilizer has reached USD1.2 million while the remaining capital of USD3.01 was unable to fully funded in the short term. Upon negotiation, Ximandi Fertilizer intended to transfer the registered capital of USD1.5 million to Zhejiang Wynca, which means Zhejiang Wynca would contribute USD1.5 million to Zhejiang Nongfeike. The remaining capital of USD1.5 million will be funded by Ximandi Fertilizer in mid-February 2017.

 

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