MiLOC Group Limited - Incorporation of Subsidiaries

CRUSHMETRIC

21/05/2018 13:04

RNS Number : 7478O

MiLOC Group Limited

21 May 2018

 

21 May 2018

MiLOC GROUP LIMITED

("MiLOC" or the "Company")

 

Incorporation of Subsidiaries

 

MiLOC Group Limited is pleased to announce that MiLOC Pharmaceutical (HK) Limited ("MPHK"), a wholly owned subsidiary of the Company, and Mr. Yuan Fei ("Mr. Yuan"), a third-party individual who is a resident of the People's Republic of China, have agreed to collaborate and set up a company in Guangzhou China for the distribution of MiLOC's TCM hair-care and skin-care products.

 

Further, one of the Company's substantial shareholders, Mr. Liu Wei Hung, the founder member of Huge Port International Limited ("HPL"), a company incorporated in Hong Kong, has agreed to invest RMB10,000,000 (approximately £ 1,160,000) into the new company of which he will own 33% of the issued share capital, under a Subscription Agreement entered into on 20 March 2018 between MPHK and HPL. The investment will be made within 60 days from the date the Subscription Agreement was entered into.

 

As a result, Richmond Group Limited ("RGL") was incorporated in Hong Kong having a share capital of HK$100 divided into 100 Ordinary Shares of HK$1 each and fully paid. RGL is a holding company that wholly owns Star Collaboration (Guangzhou) Limited which has been incorporated on 28 April 2018 in Guangzhou China with a registered capital of RMB10 million ("StarC"). RGL's shares will be 57% held by MPHK, 33% held by HPL with the investment of RMB10,000,000 and 10% held by Mr. Yuan who will contribute to the business with his experience and networks in China.

 

The directors of the Company accept responsibility for the contents of this announcement.

 

For further information, please contact:-

 

MiLOC
ONG Ban Poh Michael - Chief Executive Officer
Ronnie CHOI - Chief Financial Officer
Tel: +852 2110 4221
NEX Exchange Corporate Adviser
PETERHOUSE CAPITAL LIMITED
Guy Miller
Mark Anwyl
Tel: +44 (0) 20 7469 0930

 

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