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Guangxi Beisheng Pharmaceutical Co Ltd Announces Asset Swap

Wednesday, 16 Jan 2013 07:00pm EST 

Guangxi Beisheng Pharmaceutical Co Ltd announced that it will swap its 100% stake in a Hangzhou-based property service company, valued at RMB 22,730,000, for a 100% stake in a Zhoushan-based river cargo transportation company (Company A), valued at RMB 3,668,000,000, with 33 shareholders of Company A, including a Zhoushan-based investment advisory company (Company B) and Li Ping, to which the Company will also issue 1,402,026,910 A shares of common stock with par value of RMB 1 per share at RMB 2.6 per share for the price difference. In addition, the Company will issue 27,066,354 A shares to Zhejiang-based real estate company, to acquire the claims of RMB 70,372,521.73 in Company A. After that, Company B will hold a 6.17% stake in the Company, by acquiring 112,578,009 shares, while Li Ping will hold a 7.9% stake, by acquiring 144,020,245 shares in the asset swap.