After a two-time withdrawal of the IPO application, Wal-Mart finally became the “A Dream A Share.” Following the acquisition of 60% equity interest in He Shili in August of last year, Dulwich New Materials announced the restructuring plan today, and plans to acquire Chuang Li with 320 million yuan in cash. With the remaining 40% equity, after the acquisition is completed, Heli will become a wholly-owned subsidiary of the listed company.
According to the preplan, Dulwich New Materials intends to purchase 40% equity interest in He Shili held by Fu Fang, Yan Yifeng, Yao Liqin, Jiangyin Huaneng, Xia Lei, Xu Jinging, Zhao Dan, Fan Jianhua, Yao Jianguo, Tang Juxing and Duan Hongqi in cash payment. Based on December 31, 2017 as the assessment date, the total equity value of the shareholders of the time of the transaction was RMB 838 million, which was attributable to the parent company’s net assets of RMB 494 million. The accretion rate was 143.62%. Negotiated with the counterparty to determine the transaction price of this 40% stake is 320 million yuan.
In August last year, Dulwich New Materials had acquired 60% equity interest in Helixi for RMB 480 million. By then, on May 31, 2017 as the evaluation basis date, the total equity value of the subject holders of the underlying transaction was 788 million yuan. Comparing the two transactions can be found that in the 7-month period, Wal-Mart's valuation rose by 56 million yuan, an increase of more than 7%.
According to financial data, Whales’ 2016 and 2017 revenues were 627 million yuan and 984 million yuan, respectively. The net profit attributable to owners of the parent company was respectively 55.2107 million yuan and 83.68 million yuan. Previously, the counterparty had Shili made a performance commitment that net profit after deducting non-recurring gains and losses in 2017, 2018, and 2019 was no less than 62 million yuan, 74 million yuan, 87 million yuan. Looking at it now, Whalesley has exceeded 2017. Completion of the original performance commitment.
Dewei Xincai stated that after the completion of this major asset restructuring, the listed company will expand the scale and scope of its main business. Based on the existing cable polymer materials, PBT resin, PBT fiber and new materials such as TPEE will be added. , Strengthen the company's technology research and development capabilities and product competitiveness.
On the same day, Dulwich New Materials introduced a plan for increasing revenue. The company intends to issue no more than 201 million shares in private to not more than 5 specific targets. The raised capital will not exceed 1 billion yuan, of which 320 million yuan will be used for the acquisition and 40% stake in Shili. 680 million yuan will be invested in new materials projects with an annual output of 60,000 tons of PBT.