Jujiang Construction Announces the Acquisition of 80% Equity Interest in a Local Education Practice Base

Exploring More PPP Projects to Diversify Its Business

 

HONG KONG,
CHINA – Media OutReach – 14 Nov 2018 – Jujiang Construction
Group Co., Ltd.
(“Jujiang Construction“, together with its subsidiaries, the “Group“;
stock code: 1459) is
pleased to announce that, on 13 November 2018, the Company as purchaser and a
third party as vendor entered into the Share Transfer Agreement, pursuant to
which the Company agreed to acquire 80% of the Equity Interest in the Target
Company from the Vendor at a cash consideration of RMB48,000,000.

 

The Target Company is a
company established under the laws of the PRC and is principally engaged in the
investment, development, construction and management of Tongxiang City Youth
Quality Education Practice Base. The Target Company is a limited liability company
with a registered capital of RMB 60,000,000 and has paid in full. In view of
the Target Companies winning a Tongxiang City Youth Quality Education Practice
Base public-private partnership (“PPP”) project, the Board considered that, by
acquiring the Equity Interest, the Group would be able to diversify the its
business.

 

Mr. Lyu Yaoneng, Chairman of Jujiang Construction, said, “We have negotiated and
followed up certain PPP Projects with thorough explorations and constant investigations,
trying to look for collaboration. This acquisition provides the Group
with accumulated experience and opportunities to explore more PPP Projects in
the future, which will have a positive impact on the future development of the
Group. We will continue to actively implement the three major strategies of
‘major customer’, ‘going out’ and ‘quality business’, and the Company’s rapid
and quality development will be positively facilitated. “

 

About Jujiang
Construction Group Co., Ltd.

Jujiang
Construction was established in 1965 as one of the earliest construction
companies in Jiaxing, Zhejiang Province. With more than 50 years’ experience in
the construction industry, the Group has built a successful track record in the
industry in which the Group operates. The Group provides fully-integrated
construction solutions, which consist of construction contracting and design,
survey and consultancy services for building construction projects of all types
and scales nationwide. With the Company’s development strategy of “major
customers”, the Company has not only enhanced good relationship with local
customers, but also expanded its engagement with China’s top ten real estate
companies, such as Country Garden, Vanke, Sunac etc.