From Dealroom · · 50s
Kechuang New Material Chief Takes Control
Yu Chunsheng acquires 9.8% stake in Kechuang New Material via management buyout.
In brief
Yu Chunsheng acquires 9.8% stake in Kechuang New Material via management buyout. Yu Chunsheng, a director at Kechuang New Material, will become the company's controlling shareholder after acquiring 9.8% stake from four shareholders in a management buyout. Originally reported by Dealroom.
Deal Announcement
Luoyang Kechuang New Material announced on September 28 that shareholder Yu Chunsheng plans to acquire a combined 9.8% stake from four shareholders, becoming the company's new controlling party.
Share Transfer Details
Yu signed share transfer agreements on September 23 to buy 8.4279 million shares, or 9.8% of total capital, from four shareholders, lifting his direct stake from 5.2% to 15%.
Voting Rights Agreement
Yu will form a concert-party agreement with Wei Wenxu and Wei Wenju, giving the group control of 29.99% of voting rights while the four selling shareholders dissolve their earlier concert-party arrangement.
The bottom line
Yu Chunsheng, a director at Kechuang New Material, will become the company's controlling shareholder after acquiring 9.8% stake from four shareholders in a management buyout.
