PSC announces the acquisition of ordinary shares of overseas subsidiaries held by PSBVI and to appro
SEQ_NO
4
Date of announcement
2020/03/06
Time of announcement
15:06:49
Subject
PSC announces the acquisition of ordinary shares of overseas subsidiaries held by PSBVI and to approve the dissolution of PSBVI
Date of events
2020/03/06
To which item it meets
paragraph 51
Statement
1.Date of occurrence of the event:2020/03/26 2.Company name:President Securities Corporation 3.Relationship to the Company (please enter ”head office” or ”subsidiaries”):head office 4.Reciprocal shareholding ratios:NA 5.Cause of occurrence: In response to the BVI government’s legislation of the Economic Substance Act, the board approved an adjustment in the company’s investment structure. Such an adjustment includes: (1)The acquisition of ordinary shares of President Securities (Hong Kong) Ltd., which was established in 1994 with current capital amount HKD 192,600,000. PSC currently hold 5.19% and President Securities (BVI) Ltd. holds 94.81% of total shares. (2)The acquisition of ordinary shares of President Wealth Management (Hong Kong)Ltd., which was established in 2002 with current capital amount HKD 23,400,000, 100% held by President Securities (BVI) Ltd. (3)The acquisition of ordinary shares of President Securities (Nominee) Ltd.,which was established in 1999 with current capital amount HKD 1,000,000,100% held by President Securities (BVI) Ltd. (4)The dissolution of President Securities (BVI) Ltd., which was established in 1998 with current capital amount USD 67,746,000, 100% held by PSC. 6.Countermeasures: The adjustments include related party transaction, and thus PSC will conduct appraisal procedures in accordance to the “Regulations Governing the Acquisition and Disposal of Assets by Public Companies” and make public announcement afterward. 7.Any other matters that need to be specified: The acquisition and dissolution shall be subject to the approval of regulatory authorities.
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