Date: 2013-07-31

Luoyang Bearing Science and Technology Intends to Bid for the Entire Equity of Fuyang Bearing with Investment of RMB 80 Million

On the evening of October 10th, Luoyang Bearing Science and Technology announced that the company will invest not more than RMB 80 million to participate in acquiring 100% equity of Fuyang Bearing Co., Ltd.. The assessed value of target company is of RMB 78.4711 million and its entire shares is currently held by the controlling shareholder---- the State Machine Group.

According to the announcement, the registered capital of Fuyang Bearing is of RMB 10.88 million. The main business is the production and sale of bearings with agricultural machinery bearings as the leading product. State Machine Group accepted the 100% stake of Fuyang Bearing through administrative gratuitous transfer.

The company said that, with the traditional prevalent business of agricultural machinery bearings, Fuyang Bearing has good influnce and popularity in agricultural machinery bearing field. Luoyang Bearing Science and Technology is expected to enter into the business of agricultural machinery bearing through this acquisition.

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