News Releases / 2011
August 3, 2011
Rengo Completes Acquisition
of Hung Hing Printing Group Shares
Rengo Co., Ltd. (Head Office: Kita-ku, Osaka; President & CEO: Kiyoshi Otsubo) announces that it has completed the acquisition of 271,452,000 shares (approximately 29.9% of the issued shares) in Hung Hing Printing Group Limited (hereinafter “Hung Hing Printing”) previously held by Asia Packaging Company Limited (hereinafter “APC”). As detailed in the announcement on April 15, 2011 (“Rengo Acquires Hung Hing Printing Group Shares”), Rengo concluded a Share Purchase Agreement with APC on April 15, 2011, and it has been carrying out preparations for the acquisition of the shares. The acquisition was completed on August 3, 2011 after approval by the regulatory authorities, including the Ministry of Commerce of the People’s Republic of China.
1. Number of acquired shares, acquisition price,
and number of shares held before and after acquisition
Shares held before acquisition 100,000 shares Percentage of shares held
by Rengo: 0.01%
Acquired shares 271,452,000 shares Acquisition price:
Shares held after acquisition 271,552,000 shares Percentage of shares held
by Rengo: 29.91%
2. Post-acquisition initiatives
On completion of the acquisition of the shares, the following three individuals, upon nomination by Rengo, have assumed office as directors of Hung Hing Printing from August 3, 2011.
Yoshitaka Ozawa, Member of the Board, Senior Managing Executive Officer, Rengo Co., Ltd.
Hiroyuki Kimura, Executive Officer, Rengo Co., Ltd.
Katsuaki Tanaka, Senior Advisor, Rengo Co., Ltd.
To improve the business performance of Hung Hing Printing, Rengo will generate synergy by investing managerial resources in areas such as sales promotion to Japanese users, improving production efficiency in the folding carton and corrugated packaging businesses, and strengthening the ability to put forward proposals for general packaging design.
In addition, Rengo will strive to improve the corporate value of Hung Hing Printing and the entirety of the Rengo Group as it complies with the Hong Kong Stock Exchange listing requirements and gives consideration to the general shareholders of Hung Hing Printing.