Business news for the stock market
Euro Asia Premier Real Estate Company Ltd.: Acquisition of Yanxi annulled indefinitely
Hong Kong, SAR PR of China, 08 December, 2016
Euro Asia Premier Real Estate Company Limited (JT9; ISIN: VGG3223A1057) publishes that the acquisition of Yanxi Industrial Shanghai Company Ltd ("Yanxi") announced on June 02, and July 08, 2016, has been annulled indefinitely due to Yangxi's inability to form a Sino-Foreign Joint Venture so far.
Due to the cessation of this acquisition, the purchase price of Yanxi, 1.26 million shares of Euro Asia, will not be issued. Concurrently, the private placement previously announced will be annulled until Euro Asia is able to identify a new course of business direction for the use of funds and the placee will be re-invited to join the new placement.
Subsequently, both Mr. Shen Jie and Ms. Sun Yao will leave the Company and Mr. Patrick Chan will resume the position of Chairman and Chief Executive Officer of the Company.
Patrick Chan, Director and CEO of Euro Asia says, "We are disappointed that the acquisition of Yangxi Industrial Shanghai Company Ltd. did not go as expected due to a failure by Yangxi. Euro Asia will continue to seek out new business opportunities to further our goals."
Schwarz Financial Communication
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