China Trade Information

Hong Kong-based investment company China Oil Resources Holdings Ltd<850>, formerly known as Wing Shing International Holdings Ltd, announced that it has agreed to acquire a 43% stake in Profit Success Industries Ltd, a paint, resin, dye and thinner wholesaler, from Mr. Chan Wan Kim, for HK$63 million.

The consideration consists of HK$15.22 million in cash and HK$47.78 million by issuing 239 million new ordinary shares with the average price of HK$0.2 apiece. The new shares, which account for 10.95% of the company’s enlarged equity, represents a premium of 21.21% of the company’s closing price of HK$0.165 per share on October 1, the last full trading day prior to the announcement.

The deal is still subject to regulatory approval.

China Oil Resources and its subsidiaries are mainly engaged in manufacturing and selling of paints, blended solvents and plastic colorants, trading of chemical materials, provision of painting service, property investment and exploration and sale of crude oil.

Tags: crude-oil, investment, oil

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