HONG KONG--(BUSINESS WIRE)--Plastec Technologies, Ltd. - (OTCBB: PLTYF (ordinary shares), PLTEF (units)) (the “Company”), an integrated plastic manufacturing services provider that operates in the People’s Republic of China and Thailand, today announced that it has received the initial portion payment in RMB 875,000,000 (or approximately US$136,718,750) under its previously announced Share Transfer Agreement (“Agreement”).
On November 16, 2015, the Company announced that it had entered into an Agreement with Shanghai Yongli Belting Co., Ltd. (“SYB”) and its wholly-owned subsidiary, Shanghai Yongjing Investment Management Co., Ltd. (“SYIM”). Pursuant to the Agreement, SYIM is to purchase, through its wholly-owned Hong Kong subsidiary (the “HK Subsidiary”), the entirety of the Company’s shareholding interests in Plastec International Holdings Limited for an aggregate purchase price of RMB 1,250,000,000 (or approximately US$195,312,500), in cash (the “Transfer Price”).
The Company and SYB anticipate that the closing of the transaction will occur on or about October 11, 2016, or approximately 30 days after the payment of the initial portion of the Transfer Price.
We are an integrated plastic manufacturing services provider that operates in the People’s Republic of China and Thailand through our wholly owned operating subsidiaries. With around 4,800 employees, we provide precision plastic manufacturing services from mold design and fabrication, plastic injection manufacturing to secondary-process finishing, as well as parts assembly.
Forward Looking Statements
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