Shanghai Shangju Enterprise Company Limited, a wholly owned subsidiary of China Environmental Investment Holdings Limited, has acquired the entire issue share capital of Shanghai Yunsheng International Trading Company Limited (Shanghai Yunsheng) from Mr. Ma Yong Ming for a US$18.32 million consideration.
Upon completion, Shanghai Yungsheng will become a wholly owned subsidiary of China Environmental Investment Holdings Limited. This acquisition will enhance its property portfolio.
Shanghai Yunsheng is owned by Mr. Ma Yong Ming and was established under the PRC law in January 2010. The company was previously engaged in the provision of internet website design services in the PRC but discontinued its business since December 2012.
Pursuant to the acquisition agreement, Mr Ma agreed to transfer the properties in Shanghai to Shanghai Yungsheng prior to the transaction completion. The properties are for commercial and residential use.
Oaklins' team in Hong Kong acted as financial advisor to the buyer in this transaction.
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