This is topic China Technology Announces Proposed Increase of Its Stake by the Largest Shareholder in forum NASDAQ, AMEX, NYSE Stocks at Allstocks.com's Bulletin Board.
HONG KONG, September 5, 2007 -- China Technology Development Group Corporation (NASDAQ: CTDC; "CTDC" or the "Company") today announced China Biotech Holdings Limited (“China Biotech”), the largest shareholder of the Company, entered into an Amendment to Sale and Purchase Agreement dated April 12, 2007 with Beijing Holdings Limited (“Beijing Holdings”), pursuant to which China Biotech will purchase 1,000,000 common shares of CTDC from Beijing Holdings for an aggregate consideration of US$4 million. After the completion which is expected to take place on or before December 15, 2007, China Biotech will increase its stake from 24% to nearly 32%.
Mr. Zhenwei Lu, Executive Director of China Biotech as well as President of China Merchants Technology Holdings Limited, the largest shareholder of China Biotech, commented, “We believe that by continuously increasing the stake in the Company, this demonstrates our firm support to the Company’s upcoming business development and rapid growth in eco-friendly industry.”
In addition, the Sale and Purchase Agreements dated April 12, 2007 by and among Beijing Holdings, ChinaDragon Pacific Limited and China Zhongjing Energy Investment Limited have been terminated. The termination has no impact to the Company.