Great Shengda acquires additional stake in Sichuan Zhongfei

Zhejiang Great Shengda Packaging (SSE:603687) announced plans to acquire an additional 20% stake in its subsidiary, Sichuan Dashengda Zhongfei Packaging Technology Co., Ltd., from Jiangsu Zhongcai New Material Co., Ltd. The acquisition, valued at CNY 10.368 million, will raise Great Shengda’s ownership in Sichuan Zhongfei from 60% to 80%. The deal has been approved by Great Shengda's board of directors and doesn't require shareholder approval. Great Shengda will pay 90%, or CNY 9.3312 million, of the acquisition price within 15 days of the agreement, with the remaining CNY 1.0368 million dependent on Sichuan Zhongfei meeting agreed upon financial targets through 2027. The acquisition aims to strengthen Great Shengda’s control over the subsidiary and align with the company’s long-term strategic development.