Qingdao Haier: Shun 763 million daily acquisition of wholly-owned Haier Logistics

Aug. 31 message, Qingdao Haier announced on yesterday evening, holding subsidiary of Haier Electrical Appliances (Hong Kong listed company) company, Qingdao day along with 763 million yuan acquisition of logistics to be held in Qingdao Haier Group Haier Logistics 100% equity. The completion of the acquisition, Haier Haier Logistics will indirectly hold 100% equity, and this transaction will also further clarify Qingdao Haier and Haier appliances industry positioning.

According to the announcement, before closing this acquisition, Qingdao Haier Logistics will acquire ownership in Beijing, Qingdao, Hefei, Chongqing, four logistics companies. Qingdao Haier Logistics then the whole of the agreement will be transferred to a new day in Qingdao, Shunde. The agreement also provides that "the two sides should make every reasonable effort" to make delivery in October 29, 2010 or before completion.

Board of Directors believes that the share transfer will help further clarify Qingdao Haier and Haier Group, Haier Electrical Appliances in positioning their respective industries, and enhance the two sides in the appliance industry chain synergies.

In addition, the Board also adopted the Qingdao Haier Haier subsidiary shares (Hong Kong) Limited Subscription Haier convertible bond issue of 786.6 million Hong Kong dollars a resolution, the initial conversion price of convertible bonds and 5.7 Hong Kong dollars / share, the survival period of 24 months.