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[November 2009]
Update on Acquisition of Jinjiang Hengda Ceramics
On 7 August 2009, China Holdings Acquisition Corp (Wilmington, DE, USA) – otherwise known as CHAC – announced it had entered into a definitive share purchase agreement to acquire Jinjiang Hengda Ceramics Co Ltd (Jinjiang, Fujian, China). Hengda is a leading Chinese manufacturer of ceramic tiles used for exterior siding and for interior flooring and design in residential and commercial buildings.
A special meeting of stockholders of China Holdings Acquisition Corp will be held at the offices of Loeb & Loeb in New York on 20 November 2009 at 9am to vote on the acquisition of Hengda. Following a successful vote and the completion of the transaction, CHAC will redomesticate to the BVI and the new company will be called China Ceramics Co Ltd. The transaction, which has been unanimously approved by the board of directors of CHAC, is expected to be completed by 21 November 2009.
The proxy statement/prospectus and other relevant documents are filed with the SEC under the company name China Ceramics and can be obtained, without charge, from the SEC's website at www.sec.gov
Hengda’s revenue for Q3 2009 increased by 15.8% over Q3 2008 and the revenue for the nine months ended 30 September 2009 increased by 9.6% over the same period in 2008.
Q3 2009 net income was 18.8% higher than Q3 2008 and the nine-month figure was 2.8% lower than in 2008 (where a significant change in the tax rate impacted here).
EBITDA for Q3 2009 increased by 36.3% over Q3 2008 and for the nine months increased by 12.7% from the equivalent period in 2008.
Founded in 2007, China Holdings Acquisition Corp is a blank check company focused on acquiring companies with primary operations in Asia through a merger, capital stock exchange, stock purchase, asset acquisition or other similar business combination or contractual arrangements. CHAC currently has no operating businesses.
ENDS