If I'm not mistaken, I think that is the idea with APP (American Pacific Plastics).
AMERICAN PACIFIC PLASTICS, INC.
American Pacific Plastics, Inc. (“APP”) is a Wyoming corporation established in July 2018 to serve as a holding company for the acquisition of Vinafilms JSC (Công ty C? ph?n Màng Bao Bì Tân Vinh Nam Phát - “VNF”), a Vietnamese joint stock company engaged in the manufacturing and sale of plastic thin films.
On August 06, 2018, the Company signed a Business Cooperation Agreement with VNF and its majority shareholder, to exchange fifty-one percent ownership in VNF for Preferred Stock of PHI. According to the Agreement, PHI will be responsible for filing a S-1 Registration Statement with the U.S. Securities and Exchange Commission for APP which will hold 51% equity ownership in VNF, to become a fully-reporting public company in the U.S. Stock Market.
On September 20, 2018, a Stock Swap Agreement was signed by and between Ms. Do Thi Nghieu, the majority shareholder holding 76% of ownership in VNF, and PHI to exchange 3,060,000 shares of ordinary stock of VNF owned by Ms. Do Thi Nghieu for 50 million shares of Class A Series III Cumulative, Convertible, Redeemable Preferred Stock of PHI. Though this transaction was technically closed on September 28, 2018, the Company did not recognize the operations of Vinafilms JSC in its consolidated financial statements as of March 31, 2020 and will only so when a GAAP audit of Vinafilms JSC financial statements is conducted and completed by a PCAOB-registered auditing firm. The Company intends to distribute special share dividend from APP to the Company’s shareholders in conjunction with the filing of the S-1 Registration Statement with the U.S. Securities and Exchange Commission in the future.
