U Banquet (01483) said it entered into a memorandum of understanding in relation to the proposed capital injection into Gefeng Environmental Protection Technology Co., Ltd.
Upon completion of the proposed capital injection, U Banquet shall become the controlling shareholder of the target company. The target company currently has a registered capital of about Rmb145 million.
The target company has a patented technology in nanoceramics with targeted bonding features. It is principally engaged in new materials and equipment for environmental control and undertakes various environmental projects such as water treatment, soil remediation and atmospheric control.
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