Pacific Green Industries (Fiji) Ltd (“PGI”) has received an offer for its shareholding in subsidiary Dongguan Golden Palmwood Furniture Pty Ltd (“DGP”), in China. PGI’s current shareholding in Dongguan Golden Palmwood Furniture Pty Ltd is 70%. The remaining 30% of the shareholding in DGP is owned by Mr Qi Hui. Mr Qi is also director of PGI.
In December 2012, PGI Chairman, Mr Peter Ryan held discussions with Mr Qi. Mr Qi has formed a consortium in China to purchase the 70% shareholding held by PGI. The offer has been discussed at Board level.
The offer will be considered by the shareholders of PGI in an extraordinary general meeting to be convened on 28th February 2013 at 11am at the Pacific Greens Complex, Queens Road, Malaqereqere, Sigatoka.
The terms of offer are currently being finalized and will be released to shareholders as soon as they are finished.
If approved by the shareholders, the sale will be subject to the usual regulatory approvals.
As per 2011 audited accounts, Revenue for the Group was $9,118,415, PGI: $2,370,367, Subsidiary:$7,224,226 while Profit /(Loss) for the group was ($400,178), PGI: ($29,139), Subsidiary: ($530,055). The 2012 accounts have yet to be audited.
Further announcements will be made if and when appropriate after the EGM. the Pacific
SOURCE: SPSE PRESS RELEASE
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