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Gemdale Properties And Investment Corporation Ltd Announces Completion Of Acquisition


Monday, 28 Oct 2013 05:20am EDT 

Gemdale Properties And Investment Corporation Ltd announced that with reference to the announcement made earlier, in relation to, among others, the Acquisition and the transactions contemplated thereunder; and the proposed grant of the Specific Mandate. The Company now announced that all the conditions precedent under the Agreement had been fulfilled and the Acquisition Completion took place on October 28, 2013. 1,325,726,134 Shares were allotted and issued to Famous Commercial Limited on October 28, 2013 in accordance with the terms and conditions of the Agreement. Following the Acquisition Completion, the Target Companies and other members of the Target Group (save for Tianjin Heshi, Beijing Jinshui and Ningbo Langyue) have become indirect subsidiaries of the Company. Tianjin Heshi, Beijing Jinshui and Ningbo Langyue would be accounted for in the Group’s account as interests in joint ventures using the equity method of accounting. 

Company Quote

0.51
0.015 +3.03%
22 Aug 2014