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RENOWN INC Announces Business and Capital Alliances with Shandong Ruyi Technology Group Co., Ltd. and Jining Ruyi Investment Co., Ltd.


Friday, 12 Apr 2013 03:00am EDT 

RENOWN INC announced that it will form business and capital alliances with Shandong Ruyi Technology Group Co., Ltd. and Jining Ruyi Investment Co., Ltd. (collectively Ruyi Group), on April 12, 2013. Through the business alliance, the Company and Ruyi Group will share the production base and production management with each other, build partnership through staffing approach, and the Company will provide product planning and operation knowledge and cooperate on business development of the Company's brands. Through the capital alliance, the Company will issue 20,359,615 shares (a 25.15% stake) to Jining Ruyi, for JPY 144 per share (JPY 2,931,784,560 in total) with the payment conducted during the period from May 31, 2013 to December 31, 2013. The funds will be used for launch of shopping centers and other commercial facilities, as well as promotion expense for online shop. After the share issuance, the Company's top shareholder Shandong Ruyi Technology Group Co., Ltd. will hold a 32.90% stake down from a 41.18% stake, and Jining Ruyi Investment Co., Ltd. will hold a 20.10% stake. 

Company Quote

120.0
1.0 +0.84%
2:00am EDT