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Guangdong Highsun Group Co Ltd Announces Assets Swap


Friday, 3 May 2013 08:00pm EDT 

Guangdong Highsun Group Co Ltd announced that it will use its 100% stake and obligatory right in a druss company to exchange with its top shareholder for a 100% stake and obligatory right in a Guangzhou-based hotel company. The net value of the hotel company is RMB 115,087,500 and the price of the 100% stake in the hotel company is RMB 110,000,000. The net value of the druss company is RMB 244,283,700 and the price of the 100% stake in the druss company is RMB 244,283,700. The Company's obligatory right to the druss company is RMB 44,967,500. The Company's top shareholder's obligatory right to the hotel company is RMB 161,962,900. For this assets swap, the Company's top shareholder will pay RMB 17,288,300 in cash to the Company.