Ultra Harvest Limited completed the acquisition of 21.46% stake in Kwang Sung Electronics HK Co. Ltd. for HKD 64.4 million.
As on December 11, 2012, Ultra Harvest Limited completed the acquisition of 53.75% stake in Kwang Sung Electronics HK from Yang Jai Sung and Kwang Sung Electronics Co. Ltd. (KSE) for approximately HKD 160 million. Ultra Harvest Limited intends to maintain the listing status of Kwang Sung. The offer opens on December 14, 2012 and will close on January 4, 2013. As on December 14, 2012, the Independent Board Committee and the Board of Kwang Sung Electronics recommended the shareholders to accept the offer. Haitong International Capital Limited acted as financial advisor to Ultra Harvest Limited. Goldin Financial Holdings Limited acted as financial advisor to independent board committee and independent shareholders of Kwang Sung Electronics HK. Tricor Standard Limited acted as registrar, Shinewing (HK) CPA Limited acted as accountant and Avista Valuation Advisory Limited acted as valuer for Kwang Sung Electronics HK Co. Ltd.
Ultra Harvest Limited completed the acquisition of an additional 21.46% stake in Kwang Sung Electronics HK Co. Ltd. (SEHK:2310) for HKD 64.4 million in cash on January 4, 2013. As on January 4, 2013, Ultra Harvest Limited received 69.5 million shares under the offer and Ultra Harvest Limited now owns 75.21% stake in Kwang Sung Electronics HK Co. Ltd. Upon completion, Yu Lei, Jiang Ying and Zhang Cui Lan have been appointed as independent non-executive Directors of Kwang Sung Electronics. Further to the completion, each of the existing Directors except Hong Sang Joon has tendered their resignation from the Board of Kwang Sung Electronics HK Co. Ltd.