Hong Kong-based China Glass Holdings Ltd has said it is acquiring equity interests in four companies in mainland China. China Glass chairman John Zhao Huan said wholly-owned unit Real Increase Holding…
Hong Kong-based China Glass Holdings Ltd has said it is acquiring equity interests in four companies in mainland China. China Glass chairman John Zhao Huan said wholly-owned unit Real Increase Holdings has agreed to buy 70% of Hangzhou Blue Star for CNY 19.78 million. In a separate transaction, another China Glass unit has agreed to buy 42.26 % of Weihai Blue Star for CNY 161.48 million. In a third transaction, another China Glass unit will take 20.36% of Zhongbo Technology for CNY 39.68 million. In a fourth transaction, China Glass subsidiary Jiangsu SHD New Materials Co Ltd has agreed to buy a 25.1% stake in Shaanxi Blue Star for CNY 25.10 million . Another China Glass unit already holds 50% of Shaanxi Blue Star and the acquisition of Jiangsu SHD New Materials“ brings to 75.1% the total holdings of China Glass in Shaanxi Blue Star. Zhao said the asset acquisition will benefit China Glass in a number of ways, including greater access to the international market as the companies acquired have existing distribution networks in different countries. The acquisitions will also enable the group to increase its glass production lines to 14 from five at present.