PSC on behalf of PSBVI to announce its board's resolution to transfer ordinary shares of subsidiarie
SEQ_NO
5
Date of announcement
2020/03/26
Time of announcement
15:07:05
Subject
PSC on behalf of PSBVI to announce its board's resolution to transfer ordinary shares of subsidiaries to PSC and to approve the dissolution of PSBVI
Date of events
2020/03/26
To which item it meets
paragraph 51
Statement
1.Date of occurrence of the event:2020/03/26 2.Company name:President Securities (BVI) Ltd. 3.Relationship to the Company (please enter ”head office” or ”subsidiaries”):subsidiaries 4.Reciprocal shareholding ratios:NA 5.Cause of occurrence: In response to the BVI government’s legislation of the Economic Substance Act, the board of President Securities (BVI) Ltd. approved an adjustment in the company’s investment structure. Such an adjustment includes: (1) Transfer ordinary shares of President Securities (Hong Kong) Ltd. to PSC.PSHK 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) Transfer ordinary shares of President Wealth Management (Hong Kong) Ltd. to PSC. PWM was established in 2002 with current capital amount HKD 23,400,000, 100% held by President Securities (BVI) Ltd. (3) Transfer ordinary shares of President Securities (Nominee) Ltd. to PSC. PSN 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:None 7.Any other matters that need to be specified: The adjustments include related party transaction 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.
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