China Haidian Holdings Limited, based in China, has sold its 49% and 25.58% equity interests in Fuzhou Dartong Machinery and Electronic Company Limited (Fuzhou Dartong) and Jiangsu Dartong M&E Co. Limited (Jiangsu Dartong) respectively, to Honour Aim Ltd, based in Hong Kong for US$17.2 million.
Fuzhou Dartong and Jiangsu Dartong are principally engaged in the manufacture and sale of enamelled copper wire which is used in color display and color picture tube in televisions, and on conversion machinery and air-conditioning compressors in the PRC, respectively.
China Haidian Holdings Limited is engaged in the manufacture and distribution of watches and timepieces, property investment, and the manufacture and distribution of enamelled copper wires through its subsidiaries, jointly-controlled entity and associates.
Oaklins' team in Hong Kong acted as financial advisor to China Haidian in this transactions.
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