China Public Procurement Limited (HKG:1094) (C P Procurement) announced that it has been notified by Cheng Yuanzhong, an executive director and the chairman of C P Procurement, that he had, on 12 June 2012, entered into an agreement with China Public Procurement (Hong Kong) Technology Company Limited (PRC Partner Subsidiary) whereby he agreed to transfer the entire issued share capital of Top Blast Limited to PRC Partner Subsidiary.

As at 12 June 2012, Top Blast Limited was interested in 2.004 billion preferred shares of C P Procurement.

The PRC Partner Subsidiary is a wholly-owned subsidiary of Guocai Science & Technology Company Limited (PRC Partner), whose shareholders include China Federation of Logistics & Purchasing (CFLP), is the only social organisation for the logistics and purchasing industry approved by the State Council in the PRC.

The directors believe that with the PRC Partner’s strong business network in the PRC, and its subsidiary being holder of preferred shares of C P Procurement, will be instrumental to the development of the group and should benefit C P Procurement’s long term development and business expansion.

Source:chinesestock.org