Beijing Business Daily (Reporter Zhao Shu commented on Wang Siqi) The acquisition of paint giant Jiabaoli by Beijing New Building Materials has finally come to an end. On December 29, 2023, Beijing New Building Materials Co., Ltd. (hereinafter referred to as "Beijing New Building Materials") issued an announcement on the joint restructuring of the shares of Jiabaoli Chemical Group, showing that Beijing New Building Materials signed the "Share Transfer Agreement on the Shares of Jiabaoli Chemical Group" with Shijun (Hong Kong) ** Jiangmen Chengsheng Investment *** and other counterparties today, stipulating that Beijing New Building Materials will transfer the shares of Jiabaoli Chemical Group *** (hereinafter referred to as "Jiabaoli") 7834% of the shares, 40% of the transfer**7.4 billion yuan. Beijing New Building Materials will be paid in cash in RMB, and after the transfer is completed, Beijing New Building Materials will hold 78 Jiabaoli34% stake.
In connection with the above-mentioned preliminary matters of equity transfer, Shijun (Hong Kong)**, the largest shareholder of Beijing New Building Materials and Jiabaoli, has signed the Memorandum of Transaction Terms and Conditions and the Sincerity Gold Agreement on September 20, 2023, and paid 10 million yuan of due diligence earnest money to the bank account jointly supervised by both parties, which will be offset against part of the equity transfer money payable by Beijing New Building Materials.
After the announcement was released, it marks that Jiabaoli has officially become an important member of Beijing New Building Materials, and Jiabaoli will play an important role in the coating wing of "one body and two wings" of Beijing New Building Materials.