Tenwow International Holdings Limited
Tenwow International Announces Strategic Cooperation with Fosun
EQS-News / 03/11/2016 / 17:41 UTC+8 [For Immediate Release] / Tenwow International Announces Strategic Cooperation with Fosun (3 November 2016 - Hong Kong) Tenwow International Holdings Limited, a leading packaged food and beverage producer in China ("Tenwow International" or the "Company", Stock code: 1219), today announces that it entered into a subscription agreement with Market Genius Limited ("Market Genius"), a company owned by China Momentum Fund, L.P. which was advised and managed by its general partner Fosun China Momentum Fund GP, Ltd (an indirect wholly owned subsidiary of Fosun International Limited), pursuant to which Tenwow International conditionally agreed to allot and issue a total of 132,358,000 subscription shares to Market Genius at a subscription price of HK$2.4137 per subscription share. The subscription shares represent approximately 6.38% of Tenwow International's existing issued share capital, and approximately 6.00% of Tenwow International's total enlarged issued share capital immediately following completion of the subscription. Market Genius has undertaken to Tenwow International that the lock-up period of the subscription shares is 24 months. The gross proceeds from the subscription are estimated to be approximately HK$319,472,505 and the net proceeds from the subscription, after deduction of the related expenses, are estimated to be approximately HK$319,122,505, representing a net issue price of approximately HK$2.4111 per subscription share. Tenwow International intends to utilise the net proceeds for general capital purposes. The subscription is intended to strengthen the relationship between Tenwow International and Fosun, which entered into a strategic cooperation agreement on the date of the subscription agreement. Both parties have reached an understanding on a framework for developing a strategic cooperative relationship whereby both parties will cooperate with each other and use their respective competitive advantages with a view to achieving joint business development in relation to global premium food and beverage brands; jointly seek acquisition and integration opportunities in premium food and beverage brands globally and introduce such premium brands into China; and further explore the opportunity of the acquisition and joint development of international food and beverage brands. Mr. Lin Jianhua, Chairman and Executive Director of Tenwow International, said, "Our strategic cooperation with Fosun will enable both parties to foster synergies and further strengthen each other's brand image in the relevant consumer markets through resources sharing, our complementary strategic advantages and close cooperation. With Fosun's strong financial position, wealth of industry resources and ample experience on global M&A, coupled with Tenwow International's extensive distribution network and leading industry position in China's packaged food and beverage market, we believe the cooperation with Fosun can complement each other so as to achieve mutual benefits." -End-About Tenwow Tenwow International Holdings Limited (1219) is a leading packaged food and beverage producer and one of the largest packaged food and beverage distributors in China, The Group has an unique business model which produces and distributes various products including alcoholic beverages, food and snacks, non-alcoholic beverages and other fast moving consumer goods through its well-establish network all over China.For further inquiry, please contact: iPR Ogilvy and Mather Callis Lau / Maggie Chui / Caroline Zhang / Cathy Ho Tel: (852) 2136 6952 / 2136 8059 / 3920 7684 / 3920 7640 Fax: (852) 3170 6606 Email: tenwow@iprogilvy.com --------------------------------------------------------------------------- Document: http://n.eqs.com/c/fncls.ssp?u=HEMITAYBFR Document title: Tenwow International Announces Strategic Cooperation with Fosun --------------------------------------------------------------------------- Key word(s): Alliance 03/11/2016 Dissemination of a Press Release, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com ---------------------------------------------------------------------------
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