On 30 April 2012, Fine Profit Enterprises Limited and Leader World Investments Limited entered into a share transfer agreement, pursuant to which Fine Profit has agreed to sell to Leader World an aggregate of 420 million shares of China Rongsheng Heavy Industries Group (HKG:1101) (representing 6% of the issued share capital of the company) at a total consideration of HK$796.32 million, China Rongsheng announced.

The consideration represents HK$1.896 per share, representing 2.27% discount to the closing price of HK$1.94 on Monday. The share transfer is required to be completed on 4 June 2012.

Fine Profit is wholly-owned by Zhang Zhirong, the chairman of the board of directors of China rongsheng and a non-executive director of the company.

Leader World is held by directors and senior management of China Rongsheng and its subsidiaries. Chen Qiang, the CEO and an executive director of China Rongsheng, holds 38.33% stake in Leader World.

Immediately after completion of the share transfer, Zhang will hold 47.747% stake in China Rongsheng and Leader World will hold 6% stake in China Rongsheng.

Source:chinesestock.org