Asia Packaging Group has received acceptance from the TSX Venture Exchange for its proposed acquisition of the operating business of Yuanxing Package (China) through the acquisition of all of the share capital of Jiayuan Investment, for $48m.
Jiayuan owns all of the issued and outstanding share capital of Yuanxing (Hong Kong), which owns all of the issued and outstanding share capital of Yuanxing Package (China).
The final acceptance of the Exchange for the acquisition is subject to receipt of satisfactory final documentation; shareholders' approval of the acquisition by way of consent; and filing of satisfactory disclosure documents on SEDAR.
Yuanxing China manufactures and markets retail/shopping bags and packaging products to the Chinese market from its manufacturing facilities in Quanzhou, Fujian Province.
Asia Packaging manufactures packaging materials through its 100% ownership of Mei Tak and Mei Tak's wholly-owned subsidiary, Qingfeng (Jiangxi) Packing Material Technology.
