Fulbond to acquire a 51% equity interest in Shenyang Fusheng Medium Densi

Fulbond Holdings Limited (1041) announced that the company will acquire a 51% equity interest in Shenyang Fusheng Medium Density Fibre Board Company Limited (Fusheng), which is mainly engaged in the manufacture and sale of medium density fibre board, from STJ Technology Ltd, which is held by Yang Dingyuan, Chairman of the company, for a total consideration of approximately $12.77 million which will be satisfied as to approximately $3.45 million in cash and as to the balance of approximately $9.32 million by the issue of the convertible note by the company. The initial conversion price of the convertible note of $0.04 per conversion share represents a discount of 20% to the closing price of the shares of $0.05 on 10 October, 2001 and the conversion shares represents approximately 2.97% of the issued share capital of the company as enlarged by the issue of the conversion shares.

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