HONG KONG, Dec. 22, 2015 /PRNewswire/ -- The board of directors of China Public Procurement Limited (HKEx stock code: 1094, the "Company" or "CPP") announced that on 21 December 2015, the Company conditionally agreed to purchase the entire issued share capital of Pioneer Spot Limited, an investment holding company, at the Consideration of HK$1.25 billion. Upon completion, the Company will own 40% of the Project Company through Pioneer Spot Limited.
The Project Company Group is principally engaged in the operation of an electronic platform for clearing and settlement services. It has entered into an agreement with ChinaPay, a corporate member of China UnionPay, to develop and offer cross border electronic payment and settlement services to serve global and local entities.
Meanwhile, the Company conditionally agreed to place up to 700 million Placing Shares to the Placees, represent approximately 5% of the issued ordinary share capital of the Company as enlarged by the Placing Shares, at the Placing Price of HK$0.22. The Placing Shares are expected to be placed to not less than six Placees. The net proceed of the Placing is estimated to be of approximately HK$152.46 million. The Company intends to apply that for general working capital of the Group.
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About China Public Procurement Limited
China Public Procurement Limited is listed on the Main Board of The Stock Exchange of Hong Kong (stock code: 1094). The Group is principally engaged in the development of the public procurement services which involves the provision of procurement services to general public and government in the PRC, and the development of EMC service.
