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Yong Xin International Holdings Ltd Announces Acquisition Of Oriental Land Limited And Disposal Of The Company's Subsidiaries

Wednesday, 22 May 2013 06:24am EDT 

Yong Xin International Holdings Ltd announced that the Company had on May 22, 2013 entered into a conditional sale and purchase agreement with Oriental International Capital Limited (Vendor) and Better Ace International Limited and Pu Xiaofang, pursuant to which the Company will acquire from the Vendor, the entire issued share capital of Oriental Land Limited (Target) for a consideration to be satisfied in full by the issue of new ordinary shares in the capital of the Company at the issue price of SGD0.565 per Consideration Share. The purchase consideration for the Sale of Shares payable by the Company shall be:- SGD340 million. The Company also announced that on May 22, 2013, the Company also entered into a conditional sale and purchase agreement with Better Ace International Limited, a controlling Shareholder, pursuant to which the Company agreed to dispose of its entire equity interest in Yongxin Precision Material (Wuxi) Co., Ltd, which is a wholly owned subsidiary of the Company, to the Undertaking Shareholder for an aggregate consideration of SGD7,350,000 to be satisfied in cash. Yongxin Precision Material (Wuxi) Co., Ltd in turn holds 100% of the equity interest in Xuzhou Yongsheng Coking Trading Co., Ltd. (together with Yongxin Precision Material (Wuxi) Co., Ltd. 

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