Shanghai: Shenzhen-listed Taisheng Wind Power has announced that it plans to acquire 49% equity in Nantong Blue Island Offshore from Dou Jianrong, chairman of the company, for RMB291m ($46.4m) through cash and issuing new shares.
Taisheng Wind Power acquired 51% equity in Blue Island Offshore in August 2013 for RMB197.88m, with the share price increasing substantially since.
Taisheng Wind Power said the acquisition will help optimize the company’s business structure and strengthen its manufacturing capacity and competitive advantage in high-end offshore products.
Blue Island Offshore is a private company specializing in offshore equipment construction, its main products include jack-up platforms, platform supply vessels and offshore wind power equipment.
Dou Jianrong has promised Taisheng Wind Power that the company’s net profit in 2015, 2016 and 2017 won’t be lower than RMB50m, RMB60m and RMB72m, and he will compensate the company if it doesn’t fulfill these targets.