Man Sang International Limited (NYSE Amex: MHJ), which has been renamed China Metro-Rural Holdings Limited, announced that it completed the merger with China Metro-Rural Limited in an all stock transaction, pursuant to which Creative Gains Limited, formerly a wholly-owned subsidiary of MSBVI, merged with and into China Metro with China Metro continuing as the surviving company and a wholly-owned subsidiary of MSBVI. The name change was effected in connection with the completion of the merger.
"We are pleased to announce the successful completion of the merger and are prepared and excited for the future," said Cheng Chung Hing, Ricky, President and Chairman of the Board of Directors of MSBVI. "We look forward to combining China Metro's and MSBVI's operations and joining China Metro in its development and completion of the integrated, agricultural logistics and multi-functional project, known as China Northeast Logistics City, that will facilitate exhibition, trading, logistics, warehousing, commercial and residential housing in Northeast China."
Under the terms of the merger agreement, the China Metro shareholders received approximately 574,432 ordinary shares of MSBVI for each ordinary share of China Metro they owned, with cash being paid in lieu of fractional shares. MSBVI issued a total of 57,443,234 ordinary shares to the China Metro shareholders in order to acquire China Metro. Upon completion of the merger, the pre-merger ordinary shares of MSBVI remained outstanding and represented approximately 10% of the outstanding ordinary shares of MSBVI, whereas the ordinary shares of MSBVI issued to the China Metro shareholders represented approximately 90% of the outstanding ordinary shares of MSBVI.
MSBVI also announced today that Mr. Sam Sio Kam Seng, Chairman of China Metro, has joined MSBVI's Board of Directors as Executive Director and Deputy Chairman and was appointed Chief Executive Officer of MSBVI. Mr. Sio will provide invaluable insight and guidance as MSBVI continues to implement its business strategies and best corporate governance practices.
"MSBVI is a company with creative and visionary ideas. The strong leadership of the management of MSBVI, supported by its excellent marketing and operation teams, has already built up a successful business in the manufacture and wholesale of pearls and jewelry products, as well as development and investment in trade centers and properties. It is my great pleasure to join MSBVI as a member of the Board. I look forward to working very closely with all my colleagues from MSBVI," said Mr. Sam Sio. "We are fully confident of the synergy of the merger. The combination of the drive and the people of the two companies will accelerate our business momentum and create a strong and prosperous future for MSBVI. I look forward to moving ahead constructively and working closely with the Board to enhance shareholders' value," he continued.
Mr. Sio holds a Bachelor of Science degree in Construction Management and a Master of Business Administration degree. He is also a member of Chartered Institute of Buildings, a member of Society of Environmental Engineers and an associate of Chartered Institute of Arbitrators; a Chartered Builder of United Kingdom. He has over 20 years of experience in insurance and senior management.