Xinjiang Talimu to acquire Tian Shan Xue for $5.7M

Xinjiang Talimu Agriculture Development (SSE:600359) announced plans to acquire 100% of Xinjiang Tian Shan Xue Food Co., Ltd. for 39.45 million yuan (approximately $5.7 million USD). Tian Shan Xue, currently wholly owned by Xinjiang Tarim State Farm Group Co., Ltd., a related party, specializes in rice processing and sales. The acquisition will bring Tian Shan Xue under Xinjiang Talimu's full ownership, expanding its agricultural portfolio and increasing production capacity. The transaction, approved by the board and supervisory committee, is subject to shareholder approval. The purchase price aligns with an independent valuation conducted by Xinlant Real Estate Assets Appraisal Co., Ltd. Xinjiang Talimu plans to fund the acquisition with existing cash reserves, paying in three installments: 80% upon shareholder approval, followed by two 10% payments post-acquisition.