GREENPRO CAPITAL CORP. Announces Acquisition of Affiliate, Greenpro Venture Capital Limited
On September 30, 2015, Greenpro Capital Corp. (OTCQB: GRNQ) today announced that it has entered into a Sale and Purchase Agreement (the “Agreement”) and completed its acquisition with its affiliate, Greenpro Venture Capital Limited (“GPVC”), pursuant to which GRNQ acquired 100% of the outstanding shares of GRVC. In consideration for the acquisition of GRVC, shares and net assets, GRNQ agreed to issue 13,260,000 shares of the common stock of the Company at US$0.6, and pay US$6,000 in cash, for an aggregate purchase price of US$7,962,000, to the shareholders of GRVC.
GRNQ’s Chief Executive Officer Mr. Lee Chong Kuang stated “We are pleased to announce this friendly acquisition which is our third acquisition in these two months. The internal restructuring began to take shape. We believe that these acquisitions can create a synergistic effect and maximize the best financial benefit for the Company. Going forward, we will continue our restructuring and provide a list of professional services to our clients.”
The GRNQ board of directors has unanimously approved the transaction and GRNQ does not require, and the transaction is not subject to, approval by the shareholders of GRNQ.
Mr. Lee Chong Kuang, our Chief Executive Officer, President and director, is also the Chief Executive Officer, President and director of GRVC. Mr. Lee holds 43.02% of our issued and outstanding securities and 50% of the issued and outstanding securities of GRVC. Mr. Loke Che Chan, Gilbert our Chief Financial Officer, Secretary and director, is also the Chief Financial Officer and director of GRVC. Mr. Loke holds 43.02% of our issued and outstanding securities and 50% of the issued and outstanding securities of GRVC.
The terms of the transaction are more fully described by Greenpro Capital Corp. in a current report on Form 8-K to be filed with the United States Securities and Exchange Commission.
About Greenpro Resources Limited (GRVC)
Greenpro Venture Capital Limited is registered in Anguilla, and is an investment holding company. It provides corporate and business advisory services and generates income through its real estates of owned subsidiaries.
About Greenpro Capital Corp. (GRNQ)
GREENPRO CAPITIAL CORP. (f.k.a. GREENPRO INC) (OTCQB: GRNQ) provides financial services to companies located in Asia and Southeast Asia, including high value professional services such as Corporate Strategic Planning, Corporate Value Capitalization, Cross Border Listing, and Venture Capital. It also operates and provides solution services varying from cloud system solution, financial consulting services and corporate accounting services. GreenPro seeks to capitalize on its client’s products/services values, and market values. Learn more at: http://www.greenprocapital.com .
This release contains forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward looking statements by terms such as “anticipates,” “believes,” “could,” “estimates,” “expects,” “intends,” “may,” “plans,” “potential,” “predicts,” “projects,” “should,” “would” and similar expressions intended to identify forward-looking statements. Forward-looking statements reflect our current views with respect to future events and are based on assumptions and are subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on forward-looking statements. Also, forward-looking statements represent our estimates and assumptions only as of the date of this release. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters set forth in the Company’s SEC filings. Except as required by law, we assume no obligation to update any forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in any forward-looking statements, even if new information becomes available in the future.
For Investor Relations:
Greenpro Capital Corp.
Suite 2201, 22/F., Malaysia Building 50 Gloucester Road, Wanchai, Hong Kong
Attention: Mr. Gilbert Loke
Chief Financial Officer
Telephone: +852 3111 7718