S3 Investment Company, Inc., a holding company with two subsidiaries doing business in the China market, has announced the close of acquisition of all of the issued and outstanding capital stock of the British Virgin Islands company Precious Sheen Investments Limited, by Nevada-registered Energroup Holdings Corporation. The press release on the acquisition was issued on January 7, 2008.
The BVI company Precious Sheen Investments Limited is a parent company of PRC-based Dalian Chuming, a pork processing company with the amount of sales USD $70.4 million in 2006, and USD $89.7 million in unaudited sales in the first nine months of 2007.
Dalian Chuming Precious Sheen Co., Ltd. is a leading regional producer and distributor of fresh and prepared meat products in Northeastern China, a region with 108 mln population. It is the first company in China's meat industry to receive “Green Food” Certification from the Ministry of Agriculture of the PRC. Chuming maintains industrialized hog slaughtering, processing and distribution facilities and is known for its international quality management standards and food safety certifications.
BVI-controlled Dalian Chuming is a client of S3's 100% owned Redwood Capital subsidiary, which also provided assistance to facilitate this transaction. Redwood Capital assists private Chinese companies in accessing US capital markets by utilizing a network of investment banking relationships to achieve reverse merger transactions.
The acquisition was accomplished by means of a share exchange in which the former shareholders of Precious Sheen Investments Ltd. received a controlling stake in Energroup Holdings Corporation.
