Guangdong Yueyun Transportation (03399) said it agreed to acquire 56.8562% equity interest in Shaoguan Guangdong Province Qiyun Group Co., Ltd. at Rmb167 million.
The employees consortium of the target company agreed to acquire 9.1158% equity interest in Shaoguan Guangdong Province Qiyun Group at Rmb26.81 million. Zhou Zhiwei will hold 0.027% in the target company.
Shaoguan Guangdong Province Qiyun Group's principal business is motor transportation and auxiliary services. It has 1,114 vehicles in operation and 43 terminals, 10 of which are rated level 4 or above. It also has the land use rights to 318,800 square meters of land.
In light of the target company's rich land resources, Yueyun Transportation can realise greater value from the land through exploring potential land development by using the target company as a platform to carry out business development in such area, such as establishing logistics parks.
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