Chong Bo International announces privatisation agreement approved by shareholder

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Beijing time April 15 afternoon news, Chong Bo International (Nasdaq:tbow) announced today, at the special shareholder meeting held on April 14, the company shareholders voted to approve the December 10, 2013 privatisation agreement.

The privatisation agreement was approved by shareholders holding 81.7% of the shares in circulation. In addition to the shareholding of Hou Wanchun and Li Qiang, the shares that approved the privatisation agreement accounted for 67.5%. Therefore, the requirements for shareholder approval in the privatization agreement have been met.

At present, the parties plan to complete the privatization transaction as soon as possible under the terms of the privatization agreement. After the deal is completed, Chuang Bo International will become a privately owned company whose common stock will no longer be traded on the NASDAQ Global market.