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Greater China Precision Components Ltd Updates on Acquisition of Yuanfa Mining Co., Limited


Monday, 2 Sep 2013 11:30am EDT 

Greater China Precision Components Ltd announced that following a satisfactory due diligence, the Company has on August 30, 2013, entered into an agreement with Qinghai Xinlong Holdings Group Co., Ltd ('QXHGL') to accept 52% of the equity interest under the proposed acquisition in relation to Yuanfa Mining Co., Limited ('YMCL'), conditional upon shareholders' approval in an Extraordinary General Meeting ('EGM') to be convened. QXHGL had, on July 22, 2013, entered into a S&P Agreement ('S&P') with Mr. Cheng Kunsheng and Mr. Hu Dejin ('Sellers'), pursuant to which QXHGL has agreed to buy and the Sellers have agreed to sell 100% of the registered capital of YMCL. Under the S&P, QXHGL shall direct the Sellers to transfer the equity interest in YMCL to investors identified by QXHGL, at the completion date. 

Company Quote

0.764
0.078 +11.37%
11 Jul 2014