The Company announced that all conditions precedent under the each of the CQV Sale Shares Agreements and the CQV Treasury Shares Agreement have been satisfied and the Closing took place on
Upon the Closing, the Company holds 42.45% of the issued shares of CQV and is the single largest shareholder of CQV. CQV has become a non-wholly owned subsidiary of the Company with the financial performance and position to be consolidated into the accounts of the Group.
As part of the Closing, the Company has allotted and issued an aggregate of 47,106,546 Consideration Shares at the Issue Price to CQV Vendors and CQV. The Consideration Shares, representing 3.81% of the total number of the Shares in issue as enlarged by the Consideration Shares, rank pari passu with the existing Shares in issue.
The Directors believe that the Acquisition offers a good chance for the Group to tap on opportunities in and expand its business presence in the international pearlescent pigments industry.
The Acquisition is also consistent with the Group's business strategy and could enhance the synergy between CQV and the Group. Through the acquisition and control of CQV, the Group can leverage on the experience, know-how and market presence of CQV, increase its market share, enhance its product offerings and thereby increase the overall competitiveness of the Group.
About
About CQV Co., Ltd.
CQV is a company incorporated in the
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