C PUBLIC HEALTH (08116) acquires CN diamond sales biz with HK$600M - AASTOCKS.com

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C PUBLIC HEALTH (08116) acquires CN diamond sales biz with HK$600M

2012-01-26 10:22:44

C PUBLIC HEALTH (08116) announced to acquire the entire issued share capital of Million Zone Holdings with a consideration of HK$600 mln. Million Zone's subsidiary is principally engaged in the sale of diamond, gemstone and related jewellery through chain retail stores in the PRC.

The consideration is to be satisfied as to HK$80 million in cash, and HK$520 million by the issue of the five-year Convertible Bonds with conversion price at HK$0.049 by the Company, The conversion price is at 15.52% discount compared to the closing price last Friday (20 January). If the options of conversion are fully exercised, the company will issue a maximum of 10.612 bln shares, or equivalent to 48.49% of extended share capital.

The vendor guaranteed that the audited net profit for the year following the completion of acquisition to be not less than HK$70 mln. (k)

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