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Gifore's Indirectly Controlled Subsidiary to Sell Stake in Automobile Sales Company

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Gifore Agricultural Science & Technology Service (SHE:300022) indirectly-controlled subsidiary Sichuan Jifeng Junong Agricultural Equipment will transfer the entire stake in Nanchong Jifeng Automobile Sales Service to two entites for 7.7 milion yuan.

Sichuan Jifeng Wanjia Modern Agricultural Development will acquire 60% of the equity and Xinshun Jiahe Business Information Consulting will take up the remaining 40%, according to Wednesday bourse filing in Shenzhen.

Sichuan Jifeng Junong Agricultural Equipment sells vehicles and spare parts, among others.

Among the preconditions for the transfer is the distribution of 3 billion yuan of Nanchong Jifeng's profits to Sichuan Jifeng Wanjia Modern Agricultural Development.

Xinshun Jiahe Business Information Consulting shareholder Wang Xiaoying will also lend 3 billion yuan to Nanchong Jifeng.

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