GREENPRO CAPITAL CORP. Announces Acquisition of Affiliate, GreenPro Venture Capital Limited
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 GPVC. In consideration for the acquisition of GPVC, 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 GPVC.
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 GPVC. Mr. Lee holds 43.02% of our issued and outstanding securities and 50% of the issued and outstanding securities of GPVC. Mr. Loke Che Chan, Gilbert our Chief Financial Officer, Secretary, and director, is also the Chief Financial Officer and director of GPVC. Mr. Loke holds 43.02% of our issued and outstanding securities and 50% of the issued and outstanding securities of GPVC.
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 (GPVC)
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.
GreenPro Capital Corp.(OTCQB : GRNQ) is one of the fastest growing financial services company in Asia Pacific. GRNQ provides tailored professional advices and wide range of business solution services to businesses located in Asia and South-East Asia. Comprehensive range of cross border business services include, but not limited to, trust and wealth management, listing advisory services, transaction services, cross-border business solutions, record management services, accounting outsourcing services and tax planning. GRNQ also operate venture capital business in the region, which incubates and invests in emerging growth companies in the region, in order to maximize and capitalize stakeholders’ values globally at personal and corporate level.
Information about GreenPro Capital Corp. is available at www.greenprocapital.com
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