Nam Kwok Lun, Deputy Chairman and Director of Asia Tele-Net & Technology Corp. Ltd. acquired Golden Rainbow Investments Limited from Asia Tele-Net & Technology Corp. Ltd. for HKD 3.6 million.
For period ended December 31, 2012, Golden Rainbow reported unaudited net assets of HKD 0.22 million, unaudited net loss before and after tax and extraordinary items of approximately HKD 0.04 million. For period ended December 31, 2011, Golden recorded audited net assets of HKD 0.26 million and net loss before and after tax amounting to HKD 0.04 million. The Directors of Asia Tele consider that the terms and conditions of the agreement are fair and reasonable.
The transaction does not require the approval by the independent shareholders of the Asia Tele and is expected to close within one week upon the signing of the agreement. C S Surveyors Limited was hired as an independent professional valuer.
Nam Kwok Lun, Deputy Chairman and Director of Asia Tele-Net & Technology Corp. Ltd. (SEHK:679) completed the acquisition of Golden Rainbow Investments Limited from Asia Tele-Net & Technology Corp. Ltd. (SEHK:679) on January 11, 2013.