Hong Kong, SAR Peoples’ Republic of China, 19 March, 2014
- All resolutions successfully passed
- Acquisition of Weihai Ming Cheung approved
- Move of operational headquarters from Weifang to Qingdao, with active project in Weihai, Shandong
Euro Asia Premier Real Estate Company Limited (JT9; ISIN: VGG3223A1057) announces that all resolutions put to the 2014 Shareholders Meeting were unanimously passed.
As part of the completion of the re-organization of Company’s capital structure, the Board of Directors, though not required, requested and received unanimous shareholder approval to grant a general mandate to increase share capital at the discretion of the Board in consultation with its capital market advisers. The general mandate is to issue up to 5,500,000 shares, or 50% percent of the 11 million outstanding and issued shares as at the date of the AGM. The general mandate will expire with the Company’s General Meeting in the year 2017.
“The unanimous approval of our acquisition of Weihai Ming Cheung for a total consideration of RMB¥400 million (approx. € 48 million), moves Euro Asia to Weihai, Shangdong. This investment fulfills our ambition to expand into other parts of the Province of Shandong and to raise our profile, while at the same time allowing us to pursue new opportunities outside of Weifang. We are in discussions with our capital market advisers to explore alternative ways of raising capital in order to further strengthen our financial base for future acquisitions and project development,” Mr. Patrick P.L. Chan, Chairman and CEO of Euro Asia explained.
Schwarz Financial Communication
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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