On November 10, Geelong announced that on October 30, 2024, Yangtze Optical Fibre and Cable Joint Stock held its fourth Board of Directors' tenth meeting and approved with 12 votes in favor, 0 votes against, and 0 abstentions the resolution on the acquisition of the controlling shares of Ben Teng Laser (Zhejiang) Co., Ltd. and Cutlite Penta S.r.l., with the company in cash acquiring 59.1837% of Ben Teng Laser's shares, and in cash acquisition and subscription amount form acquiring a total of 70.0604% of Cutlite's shares. The company also authorized the CEO to exercise the specific decision-making power based on the framework agreement, to draft and sign the equity transaction agreement and other related transaction documents, and to handle the relevant delivery procedures.
The company plans to invest RMB 298.7 million to acquire 28,698,288 shares of Ben Teng Laser held by El.En., corresponding to 59.1837% of the shares; and invest Euro 16.546848 million to acquire Cutlite's Euro 334,956 registered capital held by El.En., and invest Euro 2.532035 million to subscribe to Cutlite's Euro 51,256 increased registered capital, after the subscription, the company's shareholding in Cutlite will be 70.0604% (referred to as "this transaction"). After the completion of this transaction, Ben Teng Laser and Cutlite will become subsidiaries of the company and will be included in the company's consolidated financial statements.
El.En. is a globally leading laser technology company headquartered in Florence, Italy, listed on the Italian Stock Exchange with the stock code ELN. El.En. is mainly engaged in the research, development, production, and sales of laser systems and equipment, widely used in industrial, medical, beauty, and research fields. El.En.'s products include laser cutting machines, laser welding machines, medical lasers, and laser systems for beauty and skin treatments. It has a wide market network and subsidiaries globally. El.En. has multiple branches and subsidiaries in Europe, North America, South America, Asia, and the Middle East. Ot-las specializes in the design and manufacture of laser machines for cutting, marking, and engraving, and is a subsidiary of El.En.
