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JES Intl Holdings: Acquisition Of Shares In Great Dragon International Shipping Limited

The Board of Directors of JES International Holdings Limited wishes to announce that it has, through its wholly owned subsidiary, JES Global Limited ("JES Global"), has acquired through a share transfer,
300,000 shares in Great Dragon International Shipping Limited ("GDIS") representing 30% of the registered capital in GDIS (the "Acquisition") for a nominal consideration of RMB1.00/- (the "Consideration").
GDIS is a company incorporated in Hong Kong and its principal activities shall be that of shipping.
The Consideration for the share transfer was arrived at on a willing-buyer, willing seller basis, after arm's length negotiations. The Acquisition is funded by internal resources and is not expected to have any material impact on the earnings per share or net tangible assets per share of the Group for the current financial year ending 31 December 2012.
The Company is of the view that the investment is in the best interest of the Group and shall alleviate the pressure of less shipbuilding contracts in the bulk carrier market.
Upon the completion of the Acquisition, JES Global and Shanghai Wei Lun Shipping Limited will hold 30% and 70% equity interest in GDIS respectively. Ms Jin Yu, the Business Development Manager of the Company who is also the daughter of Mr Jin Xin will be appointed as director of GDIS.
None of the Directors or controlling shareholders of the Company has any interest, direct or indirect, in the Acquisition. No person will be appointed to the Board of Directors of GDIS and no service contract in relation thereto will be entered into by the Company.
Source: JES International Holdings Limited