Xiamen Tungsten to buy Zhujiang Photoelectricity
It is reported that Fujian Changting Jinlong Real Earth Limited a wholly controlled subsidiary of Xiamen Tungsten plans to buy 100% stake of Guangzhou Zhujiang Optonix New Material from Mitsubishi Chemical Corporation for 3.87 million dollars.
The target company has a registered capital of CNY 47 million and specializes in the production, process and sale of phosphor powder for screen. As of 31st, July, 2010, the company had total assets of CNY 56.63 million and net assets of CNY 34.64 million.
The company generated sales revenue of CNY 9.96 million and a net profit of CNY 1.19 million for the first seven months of 2010.
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