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Asia Packaging seals deal to acquire operating business of Chinese packaging company

Asia Packaging Group has concluded its previously announced deal to acquire Yuanxing Package (China) for $48m.

Under the terms of a share purchase agreement dated 5 November 2012, the acquisition of Yuanxing was completed through the purchase of all the issued and outstanding shares in its corporate parent, Jiayuan Investment from the shareholders of Jiayuan Investment.

The company has received the final acceptance from the TSX Venture Exchange pertaining to the transaction, which was announced in November 2012.

Yuanxing, which produces a full line of paper retail/shopping bags, manufactures and markets a range of retail/shopping bags and packaging products to the Chinese market.

From its manufacturing facility in Quanzhou, Fujian Province, the company designs and manufactures about 376 million retail/shopping bags annually.