[ET Net News Agency, 29 July 2015] Truly International (00732) said its indirect
wholly-owned subsidiary Truly Industry (Shanwei) Co., Ltd. has entered into a framework
agreement with the controlling shareholder of Chongqin New Century Cruise Co., Ltd., a
company listed on Shenzhen Stock Exchange, to acquire its majority of shares by way of
issue of new shares of Chongqin New Century Cruise (target).
In consideration, Truly Shanwei, a direct non-wholly-owned subsidiary of Truly Industry,
will be disposed from Truly Industry to the target at a value that will be finally
determined through an independent valuation to be carried out by a valuer with appropriate
qualification. It is expected that Truly Shanwei will remain as a subsidiary of the Group
after completion.
As part of the proposed transaction, the parties tentatively agreed that the target
shall carry out a fundraising exercise, which is subject to approval by the target and the
China Securities Regulatory Commission. (HL)
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IPO News
29/07/2015 10:16
Truly Int'l (00732) to buy Shenzhen-listed company