Euro Asia completes acquisition and capital increase
Disclosure of an inside information according to Article 17 MAR
Hong Kong, SAR Peoples’ Republic of China, 08 July, 2016
- Purchase of industrial group successfully for stock for approximately 6.9 million Euro
- Private placement raising approximately 19 million Euro cash completed to increase working capital
Euro Asia Premier Real Estate Company Limited (JT9; ISIN: VGG3223A1057) is pleased to announce that it has completed the acquisition of Yanxi Industrial Shanghai Company Ltd for a consideration of 1.26 million Euro Asia shares, as announced on 02 June 2016. The acquisition is based on Yanxi’s audited net book value of approx. 63.3 million RMB or 8.64 million Euro, as of 31 March, 2016. The consideration equates a valuation of approx. 6.85 Euro per share of Euro Asia. The transaction was completed on 08 July, 2016.
Furthermore, Euro Asia is also pleased to announce a successful placement of 2.8 million common shares of the Company at a price of approx. 6.75 Euro per share. This private placement is completed as at 08 July, 2016. The total cash raised from the private placement is 163,170,163 HKD or approximately 19 million Euro. The funds are intended to be redeployed in Yanxi for its operation.
Shares for the acquisition consideration and capital increase were taken from the treasury shares the company holds since the cancellation of 7 million shares owned by former Chairman, Mr. Sun XiYi, in September 2014. Including the 4,075,340 re-issued shares, the number of shares outstanding will be 8,075,340, subject to the audit of Euro Asia’s audit firm Mazars CPA, LLP.
Schwarz Financial Communication
Tel: +49 611 580 2929 0
About Euro Asia
Euro Asia is a BVI registered company, active in demand driven development of real estate projects in the Shandong area of the People’s Republic of China. The Company operates locally through its subsidiaries. By utilizing its strong local network to banks, political decision makers, land owners and other developers, the Company intends to grow its position in the Shandong Province prior to moving into other regions.
For more information, please visit www.eu-asia.net