Asia Packaging Announces the Closing of the Acquisition of Yuanxing Packaging

The Wall Street Journal 06 June 2013
VANCOUVER, BRITISH COLUMBIA–(Marketwired – June 6, 2013) – Asia Packaging Group Inc. is pleased to announce that it has closed the acquisition of Yuanxing Package (China) Co., Ltd. The Company has received the final acceptance from the TSX Venture Exchange (the “Exchange”) and is pleased to announce that the Company’ shares will resume trading at the opening of market on June 6, 2013.
Under the terms of a share purchase agreement dated November 5, 2012, as amended by the First Amendment to Share Purchase Agreement dated February 15, 2013, the acquisition of Yuanxing was completed through the purchase of all the issued and outstanding shares in its corporate parent, Jiayuan Investment Limited, from shareholders of Jiayuan Investment Limited (the “Jiayuan Shareholders”). In accordance with the Purchase Agreement, the purchase price of $48 million has been satisfied by payment to the Jiayuan shareholders as follows:
1. At the closing, issued to the Jiayuan shareholders 50,000,000 Asia Packaging Shares at a deemed price of $0.40 per share;
2. At the closing, paid to the Jiayuan shareholders cash in the amount of Six Million Canadian Dollars ($6,000,000 CAD);
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