News Column

Yitoa to Acquire 100% of Farad Electric

May 9, 2014

SHENZHEN, May 9, SinoCast -- Shenzhen Yitoa Intelligent Control (SZSE: 300131), building up a fortune with small home appliances' intelligent controllers, intended to acquire 100% of electrical equipment manufacturer Shenzhen Farad Electric, whose total assets are about half of the former's.

Yitoa intended to acquire the stake in the target company through issuing shares to 18 counterparties and raise not more than 25% of the trading value through issuing shares to not more than 10 specific investors.

The stake is priced at CNY 608 million. This transaction will lift the acquirer's capital stock to about 294 million shares. The stake held by the actual controller in the acquirer will fall to 23.33% from 30.69% and the 18 counterparties will totally hold 23.96% of Yitoa.

The target company is a provider of intelligent power transformation and distribution-cored integrated energy information system solutions.

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Source: Sinocast Computers & Electronics Beat (China)

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