h has announced that its wholly owned VIE subsidiary, Wuhan Fengze Agricultural Science and Technology Development, has executed an equity interest transfer agreement with Xiamen Ruijin Fund that allowed Fengze to regain full control of Hubei Tianzhili Breeder Hog.Tianli Agritech is a leading producer of breeder hogs, market hogs, and black hogs headquartered in Wuhan City, China,
The company runs its Black Hog Program in Enshi Prefecture through Tianzhili and owned a 60% equity interest in Tianzhili through Fengze prior to the transaction.
Pursuant to the Equity Transfer Agreement, Fengze redeemed from XMRJ the remaining 40% equity interest in Tianzhili.
Total consideration for the transaction is RMB 6,666,700, or approximately $1,050,000, which equals the advances received from XMRJ to date in connection with XMRJ's acquisition of the 40% equity interest in Tianzhili in November 2012.
As a result of the transaction, Tianzhili becomes a wholly owned subsidiary of Fengze and the company regains full control of its Black Hog Program in Enshi Prefecture.
