Huajun Holdings (00377) said it agreed to acquire 49% equity interest of Liaoning Yinzhu Chemtex Group Co. Ltd. at Rmb70 million and the entire equity interest of Zhejiang Linhai Machinery Company Limited at Rmb192 million.
Liaoning Yinzhu Chemtex is principally engaged in, among other things, manufacturing of nylon textile fibers. Zhejiang Linhai Machinery is principally engaged in, among other things, production of turbines and torque converters.
The acquisitions will enable Huajun Holdings to diversify the Group's business in a realm with potential growth opportunity and Huajun Holdings considers that the investment in the targets will provide another source of income to the Group.
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