Acquisition
October 16 2009 - 6:38AM
UK Regulatory
TIDMCWO
RNS Number : 9213A
China Wonder Limited
16 October 2009
China Wonder Limited
(the "Company" or "China Wonder")
Acquisition of shares in Jinzhou Wonder Packing Co., Ltd
China Wonder, a leading manufacturer of non-standard machinery and equipments in
China, is pleased to announce that one of its wholly-owned subsidiaries, Jinzhou
Wonder Packing Machinery Co., Ltd, has acquired a 50% equity stake in Jinzhou
Wonder Packing Carton Co., Ltd ("JWPC") for a cash consideration of
RMB1,900,000 (approximately GBP170,748).
JWPC is engaged in designing, manufacturing and marketing cartons of high,
middle and low-grade, color cartons and boxes, adhesive label, wooden pallets,
wooden boxes and fumigation free pallets. JWPC is the largest manufacturer and
supplier in the paper products and packing carton industry in the Jinzhou region
of China.
The unaudited financial statements for the twelve months to 31 December 2008
showed JWPC recording a profit before tax of RMB63 (approximately GBP6). The
unaudited net assets as at 31 December 2008 for JWPC were RMB2,586,023
(approximately GBP232,399).
Mr. Qingdong Zeng, CEO of China Wonder commented: "The investment in JWPC will
greatly increase its production capacity and improve its manufacturing
technology. The board of China Wonder anticipate that the investment will result
in JWPC making a significant contribution to China Wonder's sales income in the
future."
The sterling figures are based on an exchange rate of GBP1=RMB11.1275
For further information, please contact:
+--------------------------+--------------------------+--------------------------+
| Mark Chapman | China Wonder Limited | Tel: 01483 894 627 |
| | | Mob: 07918 733 111 |
| | | |
+--------------------------+--------------------------+--------------------------+
| Dan Bate | WH Ireland Limited | Tel: 0161 832 |
| | | 2174 |
| | | |
+--------------------------+--------------------------+--------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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