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LED International Holdings Ltd Enters Into Sale And Purchase Agreements With Mr. Jerry So

Monday, 25 Mar 2013 03:00am EDT 

LED International Holdings Ltd announced that on March 21, 2013 the Group entered into sale and purchase agreements with Mr. Jerry So (Mr. So) relating to the acquisition by the Company's group (the Group) of the entire share capital of Shenzhen Lamp Energy Management Investment Company Limited (Shenzhen Lamp) and disposal by the Group of the remaining effective equity interest (60%) in Strongbase New Opto-Electronics Technology Company Limited (Strongbase New). Disposal of Strongbase New for a consideration of RMB500,000 (approximately GBP53,000). The proceeds from this disposal are to be used for additional working capital. Acquisition of Shenzhen Lamp, an energy management service company (EMCO) registered with the National Development and Reform Commission (NDRC) of the People's Republic of China (the PRC) for RMB1,500,000 to be satisfied by the issue of 75,494,024 new ordinary shares of HK$0.10 each in the Company at 0.24p per share (the Consideration Shares) to Mr. So. The proceeds of the sale of Strongbase New will be used to facilitate the Group's working capital and its EMC development plans. 

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