HONG KONG, Aug. 24, 2023 /PRNewswire/ -- Global New Material International Holdings Limited (the "Company", Stock Code: 6616.HK) announced that all conditions precedent under the each of the CQV Sale Shares Agreements and the CQV Treasury Shares Agreement have been satisfied and the Closing took place on 22 August 2023.
Upon the Closing, the Company holds 42.45% of the issued shares of CQV and is the single largest shareholder of CQV. CQV has become a non-wholly owned subsidiary of the Company with the financial performance and position to be consolidated into the accounts of the Group.
It has been a business strategy of the Company to seek overseas investment opportunities by engaging in merger and acquisition activities which provide growth potential and enhance the value for the shareholders. The Directors believe that the Acquisition offers a good chance for the Group to tap on opportunities in and expand its business presence in the international pearlescent pigments industry.
Through the acquisition and control of CQV, the Group can leverage on the experience, know-how and market presence of CQV, increase its market share, enhance its product offerings and thereby increase the overall competitiveness of the Group.
The Company is in discussion with an independent third party on a possible acquisition of businesses which, if successfully completed, could represent a significant development of the current business of the Group.
About Global New Material International Holdings LTD.
Global New Material International specializes in the manufacturing and sale of pearlescent pigment products and artificial synthetic mica. Leveraging the unique materials, the company offers an expansive range of over 950 distinct product variations catering to diverse industrial, exterior, and cosmetic applications. The company is known as the largest pearlescent pigment producer in China and the third largest globally.
About CQV Co., Ltd.
CQV, the acquisition target, is renowned for its advanced expertise in producing mica-based products and cutting-edge pearlescent materials，which applied in industrial, automotive and cosmetic sectors. It operates an extensive sales and distribution network covering more than 100 countries and regions globally and maintains a wide customer base of prestigious international companies.
