Plastec Technologies Announces Shareholder Approval of Share Transfer Agreement with Shanghai Yongli Belting Co., Ltd.
By Business Wire News
By Business Wire News
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 during an extraordinary general meeting held earlier today, the Company’s shareholders voted to approve the previously announced Share Transfer Agreement with Shanghai Yongli Belting Co., Ltd. (“SYB”) and its wholly-owned subsidiary, Shanghai Yongjing Investment Management Co., Ltd. (“SYIM”), pursuant to which SYIM will purchase, through a to-be-formed wholly-owned Hong Kong subsidiary, the entirety of the Company’s shareholding interests in its wholly-owned subsidiary, Plastec International Holdings Limited.
Closing is expected in 2016 and is contingent on certain closing conditions including SYB’s receipt of external financing.
Originally founded in 1993 by Chairman and CEO, Mr. Kin Sun Sze-To, we are an integrated plastic manufacturing services provider that operates in the People’s Republic of China and Thailand through its wholly owned subsidiaries. With approximately 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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Plastec Technologies, Ltd.
HL Ning, Chief Financial Officer
Eli D. Scher, Director
The Equity Group Inc.
Adam Prior, 212-836-9606
Senior Vice President
Katherine Yao, +86-10-6587-6435