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| Becomes the Biggest Shareholder of the Company |
HONG KONG, June 28, 2011 - (ACN Newswire) - Mr. Cheng Hai Rong, Executive Chairman of Prosperity Investment Holdings Limited ("Prosperity Investment" or the "Company", SEHK: 0310), through a company 100% owned by him, has significantly increased his beneficial interest in the Company from the original 1.31% to 19.52% yesterday. As a result, Mr. Cheng has become the biggest shareholder of the Company.
Mr. Cheng originally held 1.31% of the issued capital of the Company. Yesterday, through a company 100% owned by him, Glory Avenue Limited, Mr. Cheng acquired 49% equity interest in Favor Hero Investment Limited ("Favor Hero") at a total consideration of HK$71,927,081. The acquisition price of HK$0.55 per share represents about a 15% premium over yesterday's closing price of HK$0.48. As Favor Hero holds approximately 37.17% of the issued capital of the Company, Mr. Cheng's beneficial interest in the Company surged to 19.52%.
Mr. Cheng said, "I am very pleased to have increased my stake in the Company for long-term investment purpose as I am confident about the Company's future prospects. Recently, the company has focused its business on direct investment of companies with growth and listing potential within a short period of time. GreaterChina Professional Services Limited (8193.HK), in which the Company holds a 15% stake, became listed at the end of last month. This investment brought about more than ten-fold capital appreciation increase for the Company, proofing that the company's new business strategy was a success. Looking ahead, I am confident that this strategy of direct investment will enable the Company to achieve sustained growth through similar capital appreciation. I intend to lead the company to steadily develop, and remain committed to providing better returns for all of our shareholders".
Contact:
Strategic Financial Relations Limited
Heidi So
Tel: +852-2864 4826
Email: heidi.so@sprg.com.hk
Jover Wong
Tel: +852-2114 4955
Email: jover.wong@sprg.com.hk
Onyx Lau
Tel: +852-2864 4847
Email: onyx.lau@sprg.com.hk
Fax: +852-2804 2789
Website: www.sprg.com.hk
Topic: Stock--buying or selling
Source: Prosperity Investment Holdings
Sectors: Daily Finance, Real Estate & REIT
https://www.acnnewswire.com
From the Asia Corporate News Network
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