China Glass to purchase 42% of Lanxing shares

Hong Kong-listed China Glass Holdings Ltd said it has entered into a letter of intent with China Ocean Aviation Group to purchase 38.79 million shares of Weihai Blue Star Glass Co Ltd (Lanxing).
The …

Hong Kong-listed China Glass Holdings Ltd said it has entered into a letter of intent with China Ocean Aviation Group to purchase 38.79 million shares of Weihai Blue Star Glass Co Ltd (Lanxing). The 38.79 million shares represent 42.26% of the entire issued capital of Lanxing. The consideration for the deal will be set in reference to the audited net asset value of Lanxing as of 31 December 2005, China Glass said.