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Hunan Corun New Energy to acquire electronics company, facilities

Published: 16 Apr 2009 00:37:51 PST

Apr. 16, 2009 (China Knowledge) - Hunan Corun New Energy Co Ltd <600478>, a Chinese battery and nickel products manufacturer and seller, plans to spend RMB 120 million in cash to buy Changsha and Seoul Electronics Co Ltd, an electronics company in Changsha, the capital city of Hunan Province, sources reported.

Hunan Corun will thus obtain a piece of land covering an area of 221,900 square meters as well as buildings with a total area of of 32,000 square meters in Changsha’s Lugu industrial park.

When the acquisition is competed, Hunan Corun will construct a new energy car battery R&D center and the manufacturing base, and will be eligible for the national, state, and municipal preferential policies.

Furthermore, the company plans to apply to China CITIC Bank Corp<601998><998> for RMB 50 million worth of bank loans, in order to replenish its working capital and to conduct trade financing.

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