CMRH – Announcement in Relation to an Acquisition

Stock Symbol Approval For: FTGJ
August 24, 2020
Tradeable Listing Approval for Kunde International Limited 
September 7, 2020

CMRH – Announcement in Relation to an Acquisition

The Dutch Caribbean Securities Exchange takes no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

This announcement is for information purposes only and does not constitute an invitation or offer to acquire, purchase, or subscribe for securities of the Company.

 

China Metro-Rural Holdings Limited

(Incorporated under the laws of the British Virgin Islands with limited liability)

(Stock Code: CMRH)

 

MAJOR TRANSACTION IN RELATION TO THE ACQUISITION OF THE ENTIRE ISSUED SHARE CAPITAL OF NEW JUMBO GLOBAL LIMITED AND SPLENDID WEALTH INVESTMENTS LIMITED

China Metro-Rural Holdings Limited (the “Company”) is pleased to announce that it has entered into share sale and purchase agreements dated 2 September 2020 (the “Agreements”) to acquire the entire issued share capital of New Jumbo Global Limited (“New Jumbo”) and Splendid Wealth Investments Limited (Splendid Wealth”) for an aggregate consideration of HK$40,318,649 (approximately US$5,169,058) (the “Acquisition”). Both New Jumbo and Splendid Wealth are limited liability companies incorporated in the British Virgin Islands.

New Jumbo and Splendid Wealth are investment holding companies which hold 20% and 80% interests, respectively, in C&K Jewellery Limited (“C&K”), a limited liability company incorporated in Hong Kong. The principal activities of C&K are the design, processing, and trading of jewelry products.

Upon the completion of the Acquisition, which is expected to complete within one week from the execution of the Agreements, New Jumbo and Splendid Wealth will become a directly wholly-owned subsidiaries of the Company and C&K will become an indirectly wholly-owned subsidiary of the Company.

Management of the Company believes that the Acquisition will bring the Company to a new horizon where it is introducing new industries into its existing integrated logistics platform operations.

The consideration of the Acquisition is expected to be satisfied by way of cash.

 

 

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