Wanning Yinhu Hot Spring Holiday Hotel is a Chinese-incorporated company with a registered capital of RMB150 million, of which RMB1.8 million has been paid up.
World Precision Machinery has proposed to acquire Wanning Yinhu Hot Spring Holiday Hotel Co., Ltd for a total consideration of RMB155 million ($30.3 million).
The group’s wholly-owned subsidiary, Jiangsu World Tourism Investment Management Co. (JWTIM), entered into a share transfer agreement with Wei Haitao, Wei Laiyun, Wu Jianguo and Wang Yinjie (the sellers) on Jan 6, where Jiangsu World Tourism will acquire 100% of the shares in Wanning Yinhu Hot Spring Holiday Hotel. The sellers hold 100% of the shares in the target company. Shandong Zhongda Industrial Group, which has undertaken to be jointly and severally liable with the sellers for the responsibilities and obligations of the sellers under the agreement, is the obligor. The sellers are employees of the obligor.
