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Guangxi Beisheng Pharmaceutical Co Ltd Updates Asset Swap Plan; Announces Change in Shareholding Structure

Tuesday, 9 Apr 2013 08:00pm EDT 

Guangxi Beisheng Pharmaceutical Co Ltd announced that it has updated its asset swap plan, which was previously announced on January 17, 2013. According to the new plan, the Company 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 31 shareholders of Company A, including a Zhoushan-based investment advisory company (Company B) and Ms. Li Ping, to which the Company will also issue 1,215,089,981 A shares of common stock with par value of RMB 1 per share at RMB 3 per share for the price difference. In addition, the Company will issue 23,457,507 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 5.97% stake in the Company, by acquiring 97,567,608 shares, while Ms. Li will hold a 7.64% stake, by acquiring 124,817,545 shares in the asset swap.