A subsidiary of Hubei Fuxing Science and Technology Co. Ltd. will purchase for roughly 1.01 billion yuan a combined 51.56% stake in a company based in Wuhan, China, from two existing shareholders, with the buyout to give it 100% ownership of the target company.
The unit will pick up a 30.94% interest from one of the shareholders at a price of approximately 607.8 million yuan, and will pay the other about 405.1 million yuan for its 20.62% stake, according to a filing.
The target company holds a land plot in Wuhan that contains 80,400 square meters of land area and 361,500 square meters of construction area. The site has been developed to house residential and commercial elements, among others.
As of Feb. 5, US$1 was equivalent to 6.29 yuan.
