Tuesday, April 20, 2010

China Medical System issued shares to BVI corporation

China Medical System Holdings Ltd. has signed an agreement with its Executive Director Mr. Hui Ki Fat to acquire the remaining 40 per cent stake in Sky United Trading Ltd., by issuing and allotting 263,833 new ordinary shares of US$0.1 each to Archiever Development Ltd., a company incorporated in the British Virgin Islands and wholly owned by Mr. Hui Ki Fat. Currently China Medical System holds 60 per cent stake of Sky United Trading Ltd. through Sino Talent limited.

By terms of the agreement with Mr. Hui Ki Fat, China Medical System Holdings issued the New Shares, representing approximately 0.55 per cent of the enlarged share capital of the company, to the British Virgin Islands company. The remaining 40 per cent shareholding in Sky United has transferred to Sino Talent Limited.

Sky United, a company incorporated in Hong Kong, is mainly engaged in the import of pharmaceutical products into China through Hong Kong.