Luoyang Bearing Science Tech Acquires Luoyang Bearing Research Institute

Resource from: CBCC Likes:2944

Dec 08,2008

Luoyang Bearing Science and Technology Co., Ltd.plans to acquire the 100% stock in Luoyang Bearing Research Institute Co., Ltd. from its parent company China National Machinery Industry Corporation, citing its latest announcement. The listed company will sell 10.59 million additional shares at CNY 11.63 apiece to its parent as consideration. And the target assets were assessed at CNY 123.2593 million, according to China Enterprise Appraisals Company. Presently, Luoyang Bearing Research Institute is engaged in the construction of a production base of precise bearings for heavy machinery. And if the acquisition got achieved, the factory is expected to start production around September 2009. But the acquirer warns investors against possible short-term decrease in yield on net assets, as the target assets' profitability is on the low side. In addition, Luoyang Bearing Research Institute has not owned the property ownership certificates for its two properties with a total building area of 4,569 square meters.

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