On October 13, 2021, Shaanxi Chaoyue Agriculture Co., Ltd., a non-wholly-owned subsidiary of the Company, intends to sell all of the equity of Mengzi Haisheng Modern Agriculture Co., Ltd. to Wuba Agricultural Technology Co., Ltd. for a consideration of approximately RMB54.2517 million.
If the Seller collects all the consideration after the Closing, it is estimated that the Group will record a gain of approximately RMB1.9 million from the sale
As at the date of this announcement, the Target Company is a wholly-owned subsidiary of the Vendor and principally engaged in the cultivation and sale of fresh fruits. It operates a modern agricultural industrial park, including about 4,000 acres of blueberry and pomegranate plantations.
According to the announcement, the company has adjusted its business strategy for agricultural classification from time to time in response to changes in market conditions, optimized resource allocation, and plans to reduce the number of small-area bases to improve operating efficiency and reduce expenses, thereby improving its cash flow situation. The disposal is in line with the Company's business strategy and is expected to have a positive impact on the Company's cash flow.
This article originated from Zhitong Finance Network
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