Yantai Raffles Chairman, Mr Brian Chang, has entered into an agreement to sell approximately 81.8 million shares in YRSL.
It represents approximately 29.9 percent of YRSL's issued share capital, to China International Marine Containers (CIMC) at a price of US$6.92 per share (for a total consideration of approximately US$566 million). The agreement is expected to complete in 3Q, 2008 and is conditional, inter alia, upon CIMC obtaining necessary PRC governmental approvals. Mr. Chang will retain a total interest (direct and indirect) in YRSL of approximately 39.0 million shares representing approximately 14.3 percent of Yantai Raffles' issued share capital.
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