MIDAS HOLDINGS - 2014 CONTINUATION

ZEN
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9 years 9 months ago #20354 by ZEN

MIDAS HOLDINGS - 2014 CONTINUATION was created by ZEN

The Board of Directors (the "Board") of Midas Holdings Limited (the "Company") wishes to announce that the Company had entered into a sale and purchase agreement (the "Agreement") with Jilin
Kaitong Engineering Co., Ltd (吉林凯通工程有限公司) (the "Vendor") to acquire 45% of the equity interest (the "Sale Equity") in Jilin Midas Light Alloy Co., Ltd ("JMLA"), a sino-foreign equity joint
venture company incorporated in the People’s Republic of China (“PRC”) which is a subsidiary of the Company. The remaining 55% of the equity interest in JMLA is presently held by the Company.

Pursuant to the Agreement, the Vendor will transfer, and the Company will acquire, the Sale Equity for an aggregate sum of RMB306 million (approximately S$62 million) (the “Consideration”), to be satisfied on Completion (as defined below) by telegraphic transfer to the Vendor’s designated account in RMB.

Completion of the sale and purchase under the Agreement (“Completion”) is conditional upon certain conditions (“Conditions”) being fulfilled (or waived), including without limitation, the approval of the Agreement by the Vendor’s shareholders’ meeting, all required consents and governmental approvals having been obtained and (where applicable) on conditions satisfactory to the Company at its discretion and there being no material adverse change in the business, operations, assets, financial
conditions or prospects of JMLA. Completion will take place five (5) business days after the date on which the Conditions have been fulfilled or waived (or such other date as agreed in writing between
the Company and the Vendor) and the registration with the PRC State Administration for Industry and Commerce and its local counterpart (“SAIC”) of the transfer of the Sale Equity under the Company’s
name has been completed.

Upon Completion, the Company will hold a 100% equity interest in the registered capital of JMLA and JMLA shall become a wholly-owned subsidiary of the Company.

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ZEN
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9 years 9 months ago #20355 by ZEN

Replied by ZEN on topic MIDAS HOLDINGS - 2014 CONTINUATION

WHEN THE BUSINESS IS BOOMING , IT IS WISE TO KEEP THE WHOLE PIE TO YOUSELF

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ZEN
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9 years 9 months ago #20362 by ZEN

Replied by ZEN on topic MIDAS HOLDINGS - 2014 CONTINUATION

Instead of doing shares buy back

Midas goes to buy back subsidiary..making it wholly own.... profits flow back into own pocket

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FairPerson
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9 years 9 months ago #20365 by FairPerson

Replied by FairPerson on topic MIDAS HOLDINGS - 2014 CONTINUATION

When the profit margin is very low, is it wise to keep the whole pie for yourself?

ZEN wrote: WHEN THE BUSINESS IS BOOMING , IT IS WISE TO KEEP THE WHOLE PIE TO YOUSELF

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9 years 9 months ago #20372 by BetterPrice2013

Replied by BetterPrice2013 on topic MIDAS HOLDINGS - 2014 CONTINUATION

Lower margin! Took the whole pie, very high risk too!

FairPerson wrote: When the profit margin is very low, is it wise to keep the whole pie for yourself?

ZEN wrote: WHEN THE BUSINESS IS BOOMING , IT IS WISE TO KEEP THE WHOLE PIE TO YOUSELF

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FairPerson
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9 years 9 months ago #20375 by FairPerson

Replied by FairPerson on topic MIDAS HOLDINGS - 2014 CONTINUATION

Not a positive news, that's why no price action in the market.

BetterPrice2013 wrote: Lower margin! Took the whole pie, very high risk too!

FairPerson wrote: When the profit margin is very low, is it wise to keep the whole pie for yourself?

ZEN wrote: WHEN THE BUSINESS IS BOOMING , IT IS WISE TO KEEP THE WHOLE PIE TO YOUSELF

The topic has been locked.

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