Yuhe International, Inc. (Nasdaq: YUII) today announced that the Company's wholly owned subsidiary, Weifang Yuhe Poultry Co., Ltd. ("Weifang Yuhe"), entered into an asset purchase agreement with Liaoning Haicheng Songsen Stock Farming and Feed Company Limited to purchase five breeder farms in Haicheng City, Liaoning Province for RMB 21.3 million (approximately $3.1 million).
Concurrently, Weifang Yuhe entered into a service agreement with Mr. Zhaolin Jiang, the controlling shareholder of Haicheng Songsen, who provides Weifang Yuhe with certain services related to completing the asset purchase transaction in exchange for 300,000 restricted shares of Yuhe common stock calculated at a price of $10 per share with total consideration equal to approximately RMB 20 million. The restricted shares are subject to a six-month lock-up period.
"Upon completion of this deal, Yuhe will be the largest farmer of parent breeders and the largest producer of day-old broilers in terms of production capacity ...
This article: 1449 words
Date Published: Jul 19, 2010 07:12AM
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