A subsidiary of AnAn International has proposed to acquire 60% of equity interest in an investment holding company in France, which holds 100% interest in Jean & Barthes SAS.

 

AnAn International&rsquo s subsidiary, Dyneff Group, says that the proposed acquisition is part of its strategic plan to expand its presence in the renewable energy sector, including investments into photovoltaic solar panel and heating systems installations businesses.

 

The total consideration for the acquisition is EUR1.16 million, payable over three years subject to the achievement of specific ebitda targets.

 

The value of the company to be acquired is based on a five-year business plan of the business., taking into consideration the nature of the customer portfolio, the location, the state of this particular industry and market in France.

 

The acquisition will be funded through internal resources.

 

Accordingly, the net tangible asset of AnAn International will increase to 1.494 US cents per share, and earnings per share will decrease to a loss of 2.3 US cents per share.