China Kangtai Cactus Biotech sells Kangwei assets
China Kangtai Cactus Biotech, manufacturer and marketer of a variety of cactus-based products in China, said that it has received RMB 36.30 million (app. US $5.31 million) in compensation from the Chinese government for a 4.9 ha property located in Qitaihe city, Heilongjiang province.
Kangtai also received RMB 4.3 million ($630,000) from a manufacturer for equipment transfer, resulting in total receipts of $5.94 million. This transaction has no impact on China Kangtai’s operations.
As part of Qitaihe City Xinxing District Rebuilding and Construction of Flyover System, China Kangtai entered into an agreement with the city of Qitaihe whereby it would turn over land use rights to 4.9 ha of real property and all buildings located on the property in Qitaihe city.
In March 2009, China Kangtai acquired the assets of Qitaihe Kangwei Biotechnology Co., Ltd to produce cactus extracts and powders.
The purchase included the right to use 4.9 ha of state-owned land in Qitaihe City, as well as housing, machinery, equipment and related facilities.
The purchase price was approximately $5.42 million. Although payment was made in August 2009, the acquired equipment has been in the testing stage.
China Kangtai never started production at the Qitaihe facility. It now focuses on toll manufacturing of its products by third parties.
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