Zhitong Financial APP News, Yingmei (02368) issued an announcement that with regard to the proposed acquisition of all shares of PT Gelindo Garmentama for US $1.5 million, the preconditions for the subscription and acquisition under the conditional Sale and purchase Agreement have been reached, and the acquisition has been completed on December 6, 2021.
Upon completion of the acquisition, Vendor 1 (Ade Tjakralaksana) and Vendor 2 (Elna Raymon) ceases to be directors and supervisors of the Target Company respectively; the Vendor ceases to have any ownership, interest and interest in the Target Company; and the Target Company has become a wholly-owned subsidiary of the Company. Upon completion of the acquisition, seller I will be appointed as the general manager of the target company to supervise the production business of the target company.