Crownicorp (00727.HK) announced that its wholly-owned subsidiary, Colorful China Group, and Xinchengrun Silver (Shenzhen) Investment Partnership Enterprise, entered into equity transfer agreements and supplementary agreements on July 31 and August 8 this year, respectively. It is reported that Colorful China Group has agreed to purchase 75% equity of Zhuhai Mingshi Ceramics Valve from Xinchengrun Silver (Shenzhen) Investment Partnership Enterprise.

Crownicorp stated that the completion of the acquisition is subject to approval by the company's shareholders. The expected purchase price of the acquisition will be funded by the company's internal resources and the rights issue to be conducted by the company. Upon completion of the transaction under the equity transfer agreement, Zhuhai Mingshi Ceramics Valve will become a subsidiary of Crownicorp.

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