(Yicai Global) Nov. 5 -- Beijing Nav Times Technology Co. [SZ:300456] has bid for and acquired 40 percent of the shares of China Chongqing Aerospace New Century Satellite Application Technology Co. for CNY5.2 million (USD760,000).
The target is a subsidiary of the asset management company under China Aerospace Science and Industry Corp. The acquisition will enable Nav Times to climb upstream on the inertial navigation industry chain and enhance its overall capability. Beijing NAV Technology Co. -- Nav Times' parent company -- said yesterday that Nav Times has coopered on projects with the bidding target.
NAV Technology says its navigation products -- its inertial navigation products in particular -- mostly find use in defense equipment, especially high-value weapons. The main aim of this purchase is to enhance the company's competitiveness in laser inertial navigation devices and systems, promote business cooperation, and explore new applications for defense equipment.
An asset appraisal company valued the target's total assets at CNY93.1025 million on Sept. 30, 2015, and its liabilities at CNY92.2750 million. The value and minimum price of the offered equity exchange is CNY332,000.