Eprint Group Limited
Formation of Project Company from eprint and Dongfeng to Expand Online Business
[For Immediate Release] Formation of project company from eprint and Dongfeng to expand online business (Hong Kong, 31 March 2015) – eprint Group Limited (“eprint” or the “Group”; HKEx stock code: 1884), the leading printing services provider in Hong Kong which covers both online self-service ordering platforms and retail stores, today announced that the Group and Dongfeng Printing Co., Ltd. (“Dongfeng”); whose shares are listed on the Shanghai Stock Exchange (stock code: 601515); entered into the Framework Agreement for the formation of the Project Company for the internet design and printing business in the PRC. eprint and Dongfeng will invest a total of RMB25 million (equivalent to approximately HK$31.25 million) in the Project Company and their equity interests in the Project Company will be 30% and 70% espectively. eprint and Dongfeng agreed to pay RMB7.5 million (equivalent to approximately HK$9.375 million) and RMB17.5 million (equivalent to approximately HK$21.875 million) respectively for the business of the Project Company. eprint and Dongfeng (“The parties”) targeted to complete the setting up of the Project Company before 30 June 2015 in the PRC and to launch the internet platform and relevant products within the year 2015. The parties targeted to set up the first operation of the Project Company in Shenzhen to provide service to cities in Pearl River Delta area including Shenzhen, Guangdong, Dong Guan and Huizhou. In the course of the business development of the Project Company, the Group agreed to provide supporting services to the Project Company by utilizing the Group’s technical supporting system and personnel in the PRC subject to a fair charge. The Services In addition, eprint Holdings, a wholly owned subsidiary of the Company, and the Vendor entered into the Sale and Purchase Agreement pursuant to which eprint Holdings has agreed to acquire and the Vendor has agreed to sell the Sale Shares, representing 11% of the issued shares of e-banner at the Purchase Price of HK$1.1million. Completion of the Acquisition will take place on 1 April 2015. Upon Completion, e-banner will become a 51% owned subsidiary of eprint Holdings, the financial results of e-banner will be consolidated into the consolidated financial statements of the Group. The Group plans to expand the business of e-banner to overseas market start from Malaysia and Australia. -End- About eprint Group Limited About Dongfeng Printing Co., Ltd. (Shanghai Securities Stock Exchange stock code: 601515) About e-banner Limited End of Press Release +++++ Document: http://n.equitystory.com/c/fncls.ssp?u=HSFHSMJHKR Document title: Formation of Project Company from eprint and Dongfeng to Expand Online Business Key word(s): Market launch 31/03/2015 UTC+8 Dissemination of a Press Release, transmitted by EQS TodayIR – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com |
339709 31/03/2015 UTC+8 |