TORONTO, March 10, 2015 /CNW/ - Sunwah International Limited (TSX: SWH) ("Sunwah") and Perfect Dream Holdings Limited ("Perfect Dream") announce that Perfect Dream has taken-up an additional 98,916 common shares of Sunwah (the "Shares") that were validly deposited and not withdrawn under Perfect Dream's offer to purchase dated January 19, 2015 and notice of extension dated February 26, 2015 (the "Offer"). On February 26, 2015, prior to the extension of the Offer, Perfect Dream took-up 23,306,571 Shares that were validly deposited and not withdrawn. The Offer expired at 5:00 pm (Toronto time) on March 9, 2015 and was terminated. Including the additional 98,916 Shares taken-up, Perfect Dream owns 23,405,487 Shares, representing approximately 25.1% of the issued and outstanding Shares. Perfect Dream does not intend to effect a second step going private transaction or to acquire Shares on a compulsory basis. It is the stated intention of the Perfect Dream shareholders that they will take reasonable commercial steps for Sunwah to maintain its listing on the TSX, including compliance with the TSX's market value and public distribution requirements. The shareholders of Perfect Dream, being Dr. Jonathan Choi and Mr. Michael Choi, each of whom own 50% of Perfect Dream and each of whom is also a director of Sunwah, beneficially own, directly or indirectly, or exercise control or direction over, an aggregate of 85,221,734 Shares, representing approximately 91.5% of the issued and outstanding Shares. With the completion of the Offer, Dr. Jonathan Choi and Mr. Michael Choi intend to dissolve Perfect Dream and to distribute half of the Shares held by Perfect Dream to each of them. There is no assurance that such a dissolution and distribution will be implemented.
About Sunwah International Limited
Sunwah International Limited (TSX: SWH) is a strategically positioned asset-based financial services provider, linking the global investment community with China's high growth economy. Founded in 1990 and backed by prominent Hong Kong based conglomerate, Sunwah Group, a key element of Sunwah's growth strategy involves identifying and advancing select international opportunities that are poised to benefit from proliferating consumerism in China and development in key areas of Southeast Asia. Sunwah is uniquely positioned to capitalize on this demand and the global economic changes stemming from this shift, leveraging a 24-year track record and an extensive relationship/strategic investor network throughout Asia. Sunwah operates from six offices located in Hong Kong, Beijing, Shanghai, Shenzhen, Macau and Toronto.
The organization's primary Hong Kong-based subsidiary, Sunwah Kingsway Capital Holdings Limited, is listed on the Stock Exchange of Hong Kong under the stock code 188. Sunwah Kingsway is licensed to provide a range of financial solutions in Hong Kong and abroad that include award-winning brokerage services and innovative corporate finance offerings.
Sunwah is listed on the Toronto Stock Exchange under the symbol SWH.
This press release contains forward-looking statements which reflect Sunwah's current expectations regarding future events. The forward-looking statements, such as those relating to maintaining Sunwah's listing on the TSX and the dissolution of Perfect Dream and the distribution of Perfect Dream's Shares, involve risks and uncertainties, such as the risk relating to impact of the Offer on the liquidity and market value of Sunwah's shares and on Sunwah's ability to maintain its TSX listing; and other factors as set out in the Directors' Circular relating to the Offer or discussed under "Risk Factors" in the Annual Information Form of the Company dated September 23, 2014. Actual results could differ materially from those projected herein. Although we believe that our expectations are based on reasonable assumptions, we can give no assurance that our expectations will materialize.
SOURCE Sunwah International Limited
For further information: Kristen Humphrey, Sunwah International Limited, (416) 888-2323, firstname.lastname@example.org.