A company of China which was previously focusing on the recycling has now opted for a novel approach in the diversification of the company’s portfolio.
The company has spent $75 million for buying an Italian master Michelangelo Buonarotti’s painting.
The Chinese company, Yulong Eco Materials, which until now has been focusing on the recycling of the books as well as the concrete has made an announcement earlier this week that it has purchased a painting by Michelangelo which is a depiction of the Crucifixion of the Jesus Christ.
The painter, Michelangelo Buonarotti is known for his painting, Rome’s Sistine Chapel along with David, which is his sculpture.
The company has stated that it is willing to open up the opportunity of having shared ownership of the company’s masterpieces which it had acquired, to anyone who has a brokerage account.
The company further stated that it would be paying for the acquisition by offering shares worth 7.5 million at $10 per share.
Yulong said in an abrupt volte face that he wants to give attention to the business model instead of recycling.
The Michelangelo is the second serious acquisition of the company which followed the purchase of Millenium Sapphire which is a 61500 carat gem.
The company had made this acquisition for about $50 million in the month of October.
According to the Bloomberg, the company has also offered shares for the selling of the gemstone and is also planning to take the jewel on a world tour.
On November 19th, the shares of the company increased by almost 47 percent. This was the day when the announcement of the purchase was made.
In October when the acquisition of the Millennium Sapphire was made, there was an increase by 1000 percent in the worth of the shares.
Source: Bloomberg, BusinessInsider
