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| CAST > SEC Filings for CAST > Form 8-K on 9-Oct-2009 | All Recent SEC Filings |
9-Oct-2009
Completion of Acquisition or Disposition of Assets, Financial Statements
On October 5, 2009, ChinaCast Communication Holdings Limited (the "Purchaser"), a subsidiary of ChinaCast Education Corporation (the "Company"), completed the acquisition of East Achieve Limited ("East Achieve"), the holding company which owns 100% of Lijiang College, from Xie Jiqing who holds 100% of the equity interest in East Achieve for a total purchase price of RMB365,000,000 (or approximately $53.7 million). RMB100,000,000 (or approximately $14.7 million) of the purchase price has been paid, RMB195,000,000 (or approximately $28.7 million) will be paid upon the satisfaction or waiver of certain conditions specified in the Agreement, and the remaining RMB70,000,000 (or approximately $10.3 million) will be paid within 30 days of August 31, 2010. The source of the cash used for the acquisition is from working capital of the Company.
East Achieve owns 100% of the equity interest in Shanghai Xijiu Information Technology Co., Ltd., which in turn owns 100% of the equity interest in China Lianhe Biotechnology Co., Ltd. ("Lianhe"). As a result of the consummation of the acquisition, the Purchaser now holds 100% of the equity interest in Lianhe. Lijiang College is jointly sponsored by Lianhe and Guangxi Normal University. Lijiang College was founded in 2001 as an independent, accredited college affiliated with Guangxi Normal University, which is located in the city of Guilin in Southwestern China. The university has 415 full-time and part-time instructors and offers fully accredited bachelor degree and diploma courses in tourism, hospitality, language studies, computer engineering, economics, law, music, art and physical education.
(a) Financial Statements of Businesses Acquired
The financial information that is required pursuant to this Item will be filed by amendment not later than 71 calendar days after the date that this initial report on Form 8-K is required to be filed.
(b) Pro-forma Financial Information
The pro-forma financial information that is required pursuant to this Item will be filed by amendment not later than 71 calendar days after the date that this initial report on Form 8-K is required to be filed.
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