Tiangong International (HKG:0826) agreed to buy back holding in its subsidiary Jiangsu Tiangong Tools New Materials from some of its investors, a Wednesday Hong Kong bourse filing said.
Certain investors had previously subscribed for roughly 16.65% of the equity interest in Jiangsu Tiangong Tools at an aggregate consideration of 1.42 billion yuan. However, As Jiangsu Tiangong Tools failed to complete its qualified listing before Dec. 31, 2023, certain investors requested the buy-back as per the subscription agreement.
Accordingly, the company, via its subsidiary Jiangsu Tiangong New Materials, will buy back shares in Jiangsu Tiangong Tools, which will increase its holding in the target from 82.35% to 89%.
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