BEIJING, Dec. 19 (Xinhua) -- Suning Universal Co., Ltd (000718.SZ) announced on Thursday that it intends to acquire a 100-percent stake in Yixing Suning Universal Modern Agriculture Company for about 370.8 million yuan.
Yixing Suning Universal Modern Agriculture Company is a wholly-owned subsidiary of Suning Modern Agriculture Co., Ltd which is a holding subsidiary of the listed company's controlling shareholder, Suning Universal Group, meaning the deal constitutes a related transaction.
Yixing Suning Universal Modern Agriculture was registered in September 2013 with a registered capital of 100 million yuan. It is engaged mainly in ecological agriculture, seedling cultivation, and sightseeing. In the future, it will increase investment in leisure and entertainment, health and holiday industries.
After the completion of the acquisition, it will take advantage of the target company's business to gradually cultivate and develop the health industry, said the listed company.
According to its semi-annual report, Suning Universal is making a transformation for diversified operations based on its real estate business. (Edited by Hu Pingchao, Zhang Haoran)
A single purchase
