The investment company Hanseatic & Baltic Properties Plc announced the signing of a legally binding Memorandum of Understanding with P.T. Citramegah Karya Gemilang (CKG), incorporated in the Republic of Indonesia, and the British Virgin Islands-incorporated companies Prestigious Assets Management Limited, Sarris Limited, Olympiad Investments Limited, Trinova Holdings Limited, Mirae Asset Solutions (HK) Limited and Jersey Hills Holdings Limited. According to the MoU, Hanseatic & Baltic will acquire from these companies the entire issued share capital of the Cayman Islands-based company United Sino Limited. The consideration for the acquisition under the terms of the MoU agreement will be 30 billion ordinary shares at a price of GBP 0.001 each.
If the proposed acquisition goes ahead, the vendors would own 99.7% of the entire issued share capital of Hanseatic & Baltic prior to including shares raised as a result of the intended placing.
The purchasing company has previously issued convertible instruments which may result in a total of an additional 705, 750,000 ordinary shares being issued. The company would have 30,798,118,046 ordinary shares issued on a fully diluted basis, and the vendors would own 97.4% of the entire issued share capital of the company prior to including shares raised as a result of the intended placing.
It is proposed that United Sino Limited incorporates a subsidiary in Libya, in which it will own 65% of the entire issued share capital. The agreement provides that Sino shall enter into a construction management agreement with this subsidiary which terms include that the subsidiary shall pay to Sino 40% of its profit as management fees.
