Global Yellow Pages (GYP) said it has entered into a two-for-one share swap agreement with Yamada Green Resources, the China-based mushroom supplier and manufacturer and distributor of processed food products.
Together with Tee Yih Jia Group chairman Sam Goi and Hydrex International, a special purpose vehicle owned by Goi and investor Koh Boon Hwee, GYP will acquire 8.48% of Yamada shares for $11.6 million, or 27.5 cents a share. This is in addition to Hydrex’s 8.43% stake in Yamada, an investment made in February.
GYP will also issue 82 million new ordinary shares or 11.2% of its enlarged share capital to Yamada CEO Chen Qiuhai, in exchange for 41.1 million shares, or 8.25% in Yamada’s total issued shares. Together with a 1.84% stake in Yamada that GYP had acquired last month, GYP will own 18.6% stake in Yamada, upon completion of the two deals which are subject to shareholders’ approval.
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