Wednesday, November 7, 2007

Chinese machine manufacturer takes over Zhafir Plastics Machinery through its BVI-based subsidiary

Haitian International Holdings Ltd., the Cayman Islands-based holding company behind the world's most prolific injection molding machine manufacturer Haitian (China), has acquired a 91% in Zhafir Plastics Machinery GmbH (Ebermannsdorf, Germany). The official buyer of Zhafir is Sunnew Investments Ltd., a 100% subsidiary of Haitian registered in the British Virgin Islands.

According to Haitian, the acquisition will give the Chinese company better access to German technologies, as Zhafir has started assembly of high-end, all-electric injection molding machinery. The firm will exibit it at the K Show in October.

Haitian is paying for the Zhafir purchase with the help of a €6,57 million loan from Zhang Jianming – one of two executive directors and founders of the Chinese company.