China Public Procurement Limited Acquisition of 1,601,118,210 preferred shares by a Major Shareholder
HONG KONG, May 5 /PRNewswire-Asia/ -- Mr. Ho Wai Kong, the chairman and a major shareholder of China Public Procurement Limited (HKEx: 1094, the "Company" or "CPP") has entered into an agreement with Favor Mind Holdings Limited ("Favor Mind") to acquire its interests in 1,601,118,210 preferred shares of the Company upon its allotment and issuance. Favor Mind is wholly and beneficially owned by Mr. Wang Dingbo.
The transaction involves not more than 1,601,118,210 shares at HK$0.6 per share. The consideration of which will not exceed HK$960,670,926. The rights of allotting and issuing of the preferred shares will expire by the end of 2010.
One CPP preferred share can be converted into one CPP ordinary share but it is not entitled to any voting rights.
SOURCE China Public Procurement Limited
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