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Konka Will Acquire 13% Of Anhui Konka Electronics
June 11, 2006 |
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Chinese home appliance manufacturer Konka announced that it would acquire 13% of the stake of Anhui Konka Electronics from Anhui Tianda Enterprise Group, which is the second largest shareholder of the company.
Konka will spend CNY31.78 million on the transaction, and according to the agreement it shall pay the money in one schedule to Anhui Tianda within one month of the date of the signing of the agreement.
Anhui Kongka Electronics is an important production base for Konka, and the introduction of a new outside shareholder may affect the company's development and the production of Konka's products. Konka says this is why it has decided to take over the stake.
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