Man Sang International Ltd. (Amex: MHJ) and Creative Gains Ltd., its wholly owned subsidiary, have entered a definitive merger agreement with China Metro-Rural Ltd. to combine the companies in an all stock transaction. The transaction is expected to close by March 31, 2010.
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The transaction will expand Man Sang’s commercial and real estate portfolio to include properties in New District, Tieling, Liaoning Province in the People’s Republic of China (PRC) where China Metro is concentrated on the development of an integrated project. This project has been coined the China Northeast Logistics City in Tieling, which will not only include commercial and residential housing but will facilitate exhibition, trading, logistics and warehousing.
Under the merger agreement, China Metro shareholders will receive around 574,432 ordinary shares of Man Sang for each ordinary share of China Metro they own. Man Sang will issue up to 57,443,238 shares at $5 per share to the China Metro shareholders in order to acquire China Metro. This represents a total price of $287 million.
Man Sang International (B.V.I.) Limited, formerly Man Sang Holdings, Inc., is principally engaged through subsidiaries in the purchasing, processing, assembling, merchandising and wholesale distribution of pearls, pearl jewelry products and jewelry products.
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