Prosperity Minerals Holdings Limited which operates a cement manufacturing business in the People’s Republic of China (PRC) and an iron ore trading business serving the same market, today provides an update regarding the proposed transfer of shares of Mr. Wong Ben Koon, Chairman and Chief Executive Officer of Prosperity, previously announced on 16 April 2009 and 24 July 2009, which is being undertaken in order to consolidate Mr. Wong’s cement industry interests.
Prosperity has been notified by Mr. Wong that Prosperity International Holdings (HK) Limited (PIHL) has today released a circular regarding the proposed transfer of shares of Mr. Wong to PIHL. The announcement has not been reviewed by the Directors of the Company, save for Mr. Wong (who is also a director of PIHL). The Company is not a party to the Agreement. The Proposed Transfer is subject to certain conditions, set out in the announcement released by PIHL on 24 July 2009 and the circular released on 27 August 2009, and there can be no certainty that the Proposed Transfer will complete, the company said in a statement.