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HONG KONG, Mar 30, 2010 - (ACN Newswire) - Sewco International Holdings Limited ("Sewco International" or the "Company"; HK: 209) is pleased to announce that Alliance Winner Limited entered into a non-legally binding memorandum of understanding ("MOU") with two parties who, to the best knowledge and belief of the Company and its directors, are independent of the Company and its connected persons (as defined in the Listing Rules), in relation to a possible purchase by Alliance Winner Limited of the entire issued share capital of Tycoon Beverage Group Co. Ltd. ("Possible Transaction"). Tycoon Beverage Group Co. Ltd., through its subsidiaries, has the right to use the trademark to the drink series brand as well as its sales distribution networks in the People's Republic of China ("PRC").
The parties to the MOU have until 3 months of the date of the MOU to enter into a formal sale and purchase agreement. In addition, the vendors to the Possible Transaction have agreed not to enter into any discussion or negotiation with other third parties in relation to a sale of the equity interest in Tycoon Beverage Group Co. Ltd. for a period of 3 months from the date of the MOU. The consideration under the Possible Transaction is subject to further negotiation and may involve cash and/or shares in the Company and/or securities convertible into shares of the Company. No formal agreement has been entered into between the parties. The Possible Transaction is still subject to further negotiation and may or may not proceed. Further announcement will be made if and when required.
About Tycoon Beverage Group Co. Ltd
The main business of Tycoon Beverage Group (the "Group") is the producing and sales of branded fruit tea flavored drinks making use of haws in mainland China, with production plants based at Tianjin, China. Fruit Tea possesses 20 years of experience in China. Fruit Tea was 100% made of freshly picked wild haws to preserve the uncultivated nutrients and the freshness of the original fruits. Besides the classic Fruit Tea series, the Company plans to introduce to the market various healthy fruit tea drinks series mainly made of haws.
Contact:
Wonderful Sky Financial Group Limited
Joanne Chan / Kenny Zhang / Vianna Yau
Tel: +852-2851 1038
Fax: +852-2815 1352
Email: joannechan@wsfg.hk / kennyzhang@wsfg.hk / viannayau@wsfg.hk
Topic: Investment
Source: Sewco International Holdings
Sectors: Food & Beverage
https://www.acnnewswire.com
From the Asia Corporate News Network
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