HONG KONG, Sept. 19, 2011 /PRNewswire-Asia/ -- The board of directors (the “Board”) of China Public Procurement Limited (HKEx stock code: 1094, “CPP”) announced that 4 vendors, some of which are wholly and beneficially owned by Mr. Ho Wai Kong, the chairman of the board of directors of CPP, and Mr. Lu Xing, an executive director of CPP, agreed to transfer an aggregate of 3,546,640,000 preferred shares to three companies wholly and beneficially owned by Mr. Cheng Yuanzhong, a newly appointed executive director of CPP, at a total consideration of HK$5.
Commenting on the aforesaid transfer of preferred shares, Mr. Ho Wai Kong said, “in the light of Mr. Cheng's experience in developing procurement information platforms and strong business network in the PRC, we believe that Mr. Cheng's advice will be instrumental to the development of the Group and should benefit the Group's long term development and business expansion.”
In addition, the Board of CPP also announced that Mr. Cheng Yuanzhong has been appointed as executive director, chief executive officer and vice chairman of CPP; Mr. Li Junjie has been appointed as executive director and chief operating officer of CPP and Mr. Wang Ning has been appointed as non-executive director of CPP, all with effect from 15th September 2011.
