GLG - TD Holdings to acquire an environmental management firm
2023-04-12 10:11:24 ET
- TD Holdings ( NASDAQ: GLG ) said it had entered into a non-binding letter of intent to acquire environmental management firm Xinjiang Dede Xinyuan Environmental Protection Technology, as it aims to expand its operations to include the refining of silicon dioxide and metallic magnesium new materials.
- Xinjiang Dede Xinyuan Environmental Protection Technology specializes in tailings treatment and control solutions, and has access to 200M tons of asbestos tailings, primarily composed of silicon dioxide metallic magnesium elements.
- The Company expects to acquire more than 51% of the equity interest of Xinjiang Dede Xinyuan (XDX).
- The acquisition will be made through a private placement of shares by TD Holdings to XDX with a lock-up period and shall be lifted in batches according to XDX's performance, GLG said.
- The Company expects to close the transaction by March 31, 2024.
- Press Release
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TD Holdings to acquire an environmental management firm