Zhitong Financial APP News, Quartz Shares (603688.SH) announced that in order to further expand the company's high-purity quartz sand production scale and meet the demand for downstream high-purity quartz sand, the company plans to sign the "Equity Transfer Agreement" with Lianyungang Qiangbang Quartz Products Co., Ltd. ("Qiangbang Quartz", "Target Company") and its shareholders Duan Jingqiang and Duan Jingbang. According to the contract, the company plans to transfer 51% of the equity of Qiangbang Quartz held by Duan Jingqiang and Duan Jingbang with its own funds of 51 million yuan. After this transaction, Qiangbang Quartz will become a holding subsidiary of the company.
The transferor specifically undertakes that the net profit of the target company in 2022 is not less than RMB10 million, and if the target company fails to meet the standard due to the reasons of the transferor, the transferor shall compensate the company, and the compensation amount will be 10 million yuan after deducting the difference of the target company's audited net profit in 2022 multiplied by 10 (i.e. compensation amount = (10 million yuan - the target company's audited net profit in 2022) * 10), and the compensation will be in place before June 30, 2023.
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