Vatti Corporation Limited agreed to acquire remaining 60% stake in Zhongshan Vatti Electronic Technology Co., Ltd. from Wu Gang, Han Wei, and Pan Haobiao for CNY 78.5 million.

Vatti Corporation Limited (SZSE:002035) agreed to acquire remaining 60% stake in Zhongshan Vatti Electronic Technology Co., Ltd. from Wu Gang, Han Wei, and Pan Haobiao for CNY 78.5 million on July 7, 2023. Under the terms, Vatti Corporation shall pay 50% consideration within 7 working days agreement takes its effect and the remaining within 7 working days after the target stake has been transferred. As part of the transaction, Vatti Corporation will acquire 30% stake from Wu Gang for CNY 39.3 million, 20% stake from Han Wei for CNY 26.2 million, and 10% from Pan Haobiao for CNY 13.1 million.

Post completion, Vatti Corporation will hold 100% stake in Zhongshan Vatti Electronic. Zhongshan Vatti Electronic reported Total assets of CNY 176.8 million, Net assets of CNY 96.1 million, Operating revenue of CNY 156.5 million, and Net profit of CNY 14.97 million. This has been approved the Vatti Corporation's 8th board of directors during its 7th meeting held on July 7, 2023, and does not require approval by the shareholders and regulatory bodies.