China Natural Resources to sell PSTT to Feishang Group for $13.2M

China Natural Resources announced that it has agreed to sell all outstanding shares of Precise Space-Time Technology, or PSTT, to Feishang Group Limited, together with PSTT’s outstanding payable owed to the company, for consideration of approximately $13.2M. The base purchase price is subject to upward post-closing adjustment based on the difference between net assets of PSTT as included in its unaudited consolidated balance sheet as of June 30 and the base net assets. PSTT, through its wholly owned subsidiaries, owns a 51% equity interest in Shanghai Onway. Shanghai Onway is principally engaged in the provision of equipment for rural wastewater treatment and the provision of engineering, procurement and construction services in relation to wastewater treatment in China. The valuation of PSTT as of December 31, 2022 as determined by an independent valuation firm on July 28 is RMB 34,197,300. The company acquired all outstanding shares of PSTT from LI Feilie for an aggregate consideration of approximately RMB 104.1M in July 2021.