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Man Sang Holdings buys out Man Sang Enterprise
08 Apr '06
2 min read
Man Sang Holdings Inc announced certain update information regarding the acquisition of the entire issued share capital of Smartest Man Holdings Limited (“Smartest Man”) by Man Sang Enterprise Ltd., a wholly-owned subsidiary of Man Sang International Limited (a Hong Kong listed company), which is an indirect subsidiary of the Company.
The sole asset of Smartest Man is its 49 percent legal and beneficial interest in the issued share capital of China Pearls and Jewellery City Holdings Limited, and the sole asset of the HK Company is its 100 percent equity interest in a wholly-owned foreign enterprise.
On March 23, 2006, pursuant to the Establishment Contract with Zhuji City Shanxiahu Town Government and Zhuji Municipal Government acting as supervising party, the WOFE was formed with an approved registered capital of US$20,000,000 (equivalent to approximately HK$156,000,000) and a total investment of US$40,000,000 (equivalent to approximately HK$312,000,000) for the planning, construction, development and management, among other related matters, of Zhuji International Jewellery City, to be located in Zhuiji Municipal, Zhejiang Province in the People's Republic of China.
MSIL and/or Man Sang Enterprise Ltd. expects to contribute into the HK Company in proportion to its shareholding in the HK Company, an amount of approximately US$19,600,000 (equivalent to approximately HK$152,880,000), and the HK Company will contribute that same amount into the totalinvestment and the registered capital of the WOFE.
Man Sang Holdings and its subsidiaries are one of the world's largest purchasers and processors of Chinese cultured and freshwater pearls. The Man Sang Group is principally engaged in the purchasing, processing, assembling, merchandising and wholesale distribution of pearls, pearl jewelry and other jewelry products.
The sole asset of Smartest Man is its 49 percent legal and beneficial interest in the issued share capital of China Pearls and Jewellery City Holdings Limited, and the sole asset of the HK Company is its 100 percent equity interest in a wholly-owned foreign enterprise.
On March 23, 2006, pursuant to the Establishment Contract with Zhuji City Shanxiahu Town Government and Zhuji Municipal Government acting as supervising party, the WOFE was formed with an approved registered capital of US$20,000,000 (equivalent to approximately HK$156,000,000) and a total investment of US$40,000,000 (equivalent to approximately HK$312,000,000) for the planning, construction, development and management, among other related matters, of Zhuji International Jewellery City, to be located in Zhuiji Municipal, Zhejiang Province in the People's Republic of China.
MSIL and/or Man Sang Enterprise Ltd. expects to contribute into the HK Company in proportion to its shareholding in the HK Company, an amount of approximately US$19,600,000 (equivalent to approximately HK$152,880,000), and the HK Company will contribute that same amount into the totalinvestment and the registered capital of the WOFE.
Man Sang Holdings and its subsidiaries are one of the world's largest purchasers and processors of Chinese cultured and freshwater pearls. The Man Sang Group is principally engaged in the purchasing, processing, assembling, merchandising and wholesale distribution of pearls, pearl jewelry and other jewelry products.
Man Sang Holdings Inc
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