Nisun International Enterprise Development Group Co., Ltd (“Nisun” or the “Company”) (Nasdaq: NISN), a provider of innovative comprehensive solutions through an integration of technology, industry, and finance, today announced that it has completed the acquisition of Qingdao Sailang International Trade Co., Ltd (“Qingdao Sailang”), a company engaged in domestic and international trades of metal ore, for RMB5 million, or approximately USD741.5 thousands. Following the acquisition, the Company owns 100% of the equity in Qingdao Sailang through its subsidiary, NiSun Ocean (Qingdao) Supply Chain Investment Co., Ltd. The transaction was financed with cash on hand.

Also Read: Top Indicators of Enterprises Struggling with Legacy Systems

Qingdao Sailang primarily operates in the international trade of metal ore, such as silver ore, zinc concentrate, lead concentrate and other non-ferrous metals, within mainland China, as well as Southeast Asian and South American regions, including the Philippines and Venezuela. Through this acquisition, Qingdao Sailang will benefit from Nisun’s professional supply chain management team to further broaden the scale of its business.

Mr. Xiaoyun Huang, Chief Executive Officer of Nisun, commented, “Qingdao Sailang controls an extensive metal ore supply chain network. This business combination provides us with opportunities to enter into the metal ore industry, while facilitating the development of our international supply chain business. We look forward to innovating and expanding access to quality international supply chains in various industries together.”

Check Out The New Enterprisetalk Podcast. For more such updates follow us on Google News Enterprisetalk News.