King-Strong intends to transfer 100% equity of Diamond Tools
2020-11-03 17:18:29 [Print]
King-Strong New Material Technology Co., Ltd. announced on November 1 that the company intends to transfer 100% of its shares in Guangdong King-Strong Diamond Tools Co., Ltd. to Foshan Runqi Investment Co., Ltd. The transaction price is RMB107 million (USD15.97 million). Runqi Co., Ltd. will pay all transaction considerations in cash.
King-Strong said that under the background of real estate regulation and the continued downturn in the building ceramics industry, the profitability of the company's metal-based superhard material products business has declined and the development prospects are uncertain, which will have a significant adverse impact on the company's sustainable development capabilities. After the completion of this transaction, the company will concentrate effective resources and focus on the layout and development of the military business with strong profitability and relatively clear development prospects.
King-Strong said that under the background of real estate regulation and the continued downturn in the building ceramics industry, the profitability of the company's metal-based superhard material products business has declined and the development prospects are uncertain, which will have a significant adverse impact on the company's sustainable development capabilities. After the completion of this transaction, the company will concentrate effective resources and focus on the layout and development of the military business with strong profitability and relatively clear development prospects.
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