Parko Completes Acquisition of 34.54% Stake in Qianlong Technology

HONG KONG, Oct. 14, 2013 /PRNewswire/ -- Parko (Hong Kong) Limited (“Parko” or the “Company”) today announced that it has completed the Share Purchase of a 34.54% stake in Qianlong Technology International Holdings Limited (“Qianlong Technology”, stock code: 01236), a transaction that makes it the controlling shareholder of Qianlong Technology.

Following the completion of the Share Purchase, Parko is required to make a mandatory conditional general cash offer (the “Offer”) for all the issued Shares (other than those already owned or agreed to be acquired by the Company and parties acting in concert with the Company) at the Offer Price of HK$1.90 per Share.

Parko is beneficially and indirectly controlled by the Hebei Supply and Marketing Cooperative, which is an administrative body of the People’s Government of Hebei Province of the PRC. It is empowered by the PRC government to formulate development policies and to supervise the supply and marketing cooperatives in Hebei Province. It is also responsible for the coordination, management and reservation of resources important to society such as fertilisers, cotton, wool and other agricultural products.

The Company has nominated six new Executive Directors, namely Mr. Chen Li-Jun, Mr. Ren Hai, Mr. Peng Guojiang, Mr. Zhang Yanhui, Mr. Zhang Yuliang and Ms. Wen Yuanyi to the Board with effect from the date of the despatch of the composite offer document.

CCB International Capital Limited is the financial adviser to Parko in this transaction.