Brief: Origin Agritech Entered The Definitive Framework Agreement With Beijing Changping Technology Innodevelop Group
03/03/2020 15:18
March 3 (Reuters) - Origin Agritech Ltd SEED.O :
* ORIGIN AGRITECH ENTERED THE DEFINITIVE FRAMEWORK AGREEMENT
WITH
BEIJING CHANGPING TECHNOLOGY INNODEVELOP GROUP
* ORIGIN AGRITECH LTD - ORIGIN AND BC-TID WILL USE BEIJING
ORIGIN
SEED LIMITED AS TARGET JOINT VENTURE ENTITY
* ORIGIN AGRITECH LTD - WILL CONTRIBUTE ORIGIN LIFE SCIENCE
CENTER
BUILDING IN BEIJING AND TWO BIOTECH CORN TRAITS TO JOINT VENTURE
* ORIGIN AGRITECH LTD - BC-TID WILL FUND JOINT VENTURE WITH
A
TOTAL OF RMB204 MILLION
* ORIGIN AGRITECH LTD - WILL RESTRUCTURE BEIJING ORIGIN AND
TRANSFER UNRELATED ASSETS TO BEIJING ORIGIN STATE HARVEST
BIOTECHNOLOGY LIMITED
* ORIGIN AGRITECH LTD - BC-TID WILL THEN INJECT ITS CASH
INVESTMENT INTO BEIJING ORIGIN TO HOLD 51% OF EQUITY IN BEIJING
ORIGIN
* ORIGIN AGRITECH LTD - BEFORE INVESTMENT IS FINALIZED,
BC-TID
WILL PROVIDE A LOAN OF RMB137.66 MILLION TO BEIJING ORIGIN
Source text for Eikon: ID:nPn2FQ8mYa
Further company coverage: SEED.O
((Reuters.Briefs@thomsonreuters.com;))
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