Goodtop Tin International Holdings Ltd Announces Disposal Of Entire Issued Share Capital Of Vitar Holdings

Goodtop Tin International Holdings Ltd announced that the Sale and Purchase Agreement was entered into on December 5, 2011, pursuant to which the Company has agreed to sell the entire issued share capital of Vitar Holdings (limited liability company incorporated in the BVI and is wholly and beneficially owned by the Company. Vitar Holdings owns 100% interest in the entire issued share capital of Vitar Hong Kong) , to the Purchaser (Pure Best Limited), an Independent Third Party, for cash consideration of HKD83.4 million. The amount of selling price of the Sale Shares under the Sale and Purchase Agreement is payable by the Purchaser in two instalments. The first instalment of HKD41.8 million will be settled on Completion, and the second instalment will be settled by the Purchaser on or before June 15, 2012. For the purpose of securing the payment of the second instalment of the selling price by the Purchaser, the Purchaser will charge to the Company the Charged Shares. The share charge will be released upon the full payment of the second instalment by the Purchaser. The Group retains the trading business of copper and silicone rubber following Completion. Completion shall take place on or before December 15, 2011 or such other date as may be agreed in writing between the Company and the Purchaser. Upon Completion, Vitar Holdings, Vitar Hong Kong, Leader Tech and PRC Subsidiaries will cease to be wholly-owned subsidiaries of the Company.