Found this information on ChinaMotion.com site, Velatel Global Communications is a real company and will be a force in china soon. (Lots of profits to be made) This information is listed in China Motions financial report just released and on Page 33 of China Motions Financial Report information regarding Velatel final payment to China Motion.
CHINA MOTION TELECOM INTERNATIONAL LIMITED
ACQUISITION OF PROPERTY DEVELOPMENT AND MANAGEMENT
BUSINESS AND DISPOSAL OF CERTAIN ASSETS
(i) On 25 April 2013, the Company and Mr. Wei Cheng Si (the “Vendor”), an independent third
party, entered into a conditional sale and purchase agreement (as amended and restated by a
supplemental agreement dated 10 July 2013), pursuant to which the Company conditionally
agreed to acquire and the Vendor conditionally agreed to sell (i) the entire issued share capital
of Ace Plus Global Limited (“Ace Plus”) which principal asset is a 35% effective interests of
????????????? (Jilin Ground Tourism Investment Co., Ltd.) (“Jilin Ground”),
a company established in the PRC, which in turn holds contractual rights under (a) fourteen ?
???????????? (Contracts for the Transfer of the Land Use Right of State-owned
Land) entered into between ???????? (Fusong Land Resources Bureau) (“Fusong
Land Resources Bureau”) and Jilin Ground on 8 November 2012 pursuant to which Fusong
Land Resources Bureau agreed to transfer and Jilin Ground conditionally agreed to acquire the
land located at Zone 1, Gusong Village, Fusongxingcheng, Baishan, Jilin Province, the PRC
with a total site area of approximately 652,608 square meters; and (b) four ???????
???? (Written Decision of State-owned Construction Land Allocation) issued by Fusong
Land Resources Bureau on 8 November 2012 pursuant to which Fusong Land Resources Bureau
agreed to allocate and Jilin Ground agreed to acquire the land located at Zone 1, Gusong Village,
Fusongxingcheng, Baishan, Jilin Province, the PRC with a total site area of approximately
9,592 square meters; and (ii) the shareholder’s loan owing by Ace Plus to the Vendor as at the
completion, at the consideration of HK$385,000,000 (the “Acquisition Consideration”) (the
“Acquisition”); and
(ii) On 10 July 2013, Biara Investments Limited (“Biara Investments”), a wholly-owned subsidiary
of the Company, and Marvel Bonus Holdings Limited (“Marvel Bonus”), the then controlling
shareholder of the Company, entered into a conditional sale and purchase agreement, pursuant to
which (i) Biara Investments conditionally agreed to sell and Marvel Bonus conditionally agreed
to purchase the entire issued share capital of Express Lane Investment Limited (“Express Lane”),
a former wholly-owned subsidiary of the Company; (ii) Biara Investments agreed to procure
the Company to transfer the club membership of the Company to Marvel Bonus; and (iii) any
intra group balance between Express Lane and its subsidiary on the one hand and the Group
on the other would be waived (the “Disposal”). The consideration for the Disposal amounts to
HK$5,660,000.
The Acquisition and the Disposal were both approved by the independent shareholders of the Company at
the special general meeting of the Company held on 18 October 2013 and completed on 29 October 2013.
Details of the Acquisition and the Disposal were disclosed in the Company’s announcements dated 26
April 2013, 10 May 2013, 13 May 2013, 7 June 2013, 17 June 2013, 10 July 2013, 22 July 2013, 30
August 2013, 19 September 2013, 25 September 2013, 30 September 2013, 9 October 2013, 18 October
2013, 24 October 2013 and 29 October 2013 and the circular dated 30 September 2013 respectively.32
Management Discussion and Analysis
INTERIM REPORT 2013/14
DISPOSAL OF MOBILE COMMUNICATIONS SERVICES BUSINESS
On 27 November 2012, the Group with the Company as guarantor entered into a stock purchase
agreement (as amended by the supplemental agreements dated 4 February 2013 and 3 March 2013
respectively) (the “MVNO Disposal Agreement”) with Gulfstream Capital Partners Ltd., an independent
third party (the “Purchaser”), pursuant to which the Group conditionally agreed to sell and the Purchaser
conditionally agreed to purchase (i) the existing issued shares of China Motion Telecom (HK) Limited
(“CMTHK”), a former subsidiary of the Company, principally engaged in the provision of mobile
communications services, (the “CMTHK Shares”) and (ii) the capitalised shares of CMTHK, being the
shares of CMTHK issued in respect of the capitalisation of the shareholders’ loans owing by CMTHK
to the Group at an issue price of HK$1 per capitalised share at the closing (the “CMTHK Capitalised
Shares”, together with the CMTHK Shares collectively the “MVNO Sale Shares”, representing 100%
of the issued share capital of CMTHK at the closing) for the revised consideration of HK$49,500,000
(subject to adjustments) under the terms and conditions as set out in the MVNO Disposal Agreement (the
“MVNO Disposal”).
The MVNO Disposal was completed on 1 March 2013 and the remaining balance of the consideration
together with interest in a total sum of approximately HK$34.3 million (the “Balance”) under the
promissory note dated 1 March 2013 issued by VelaTel Global Communications, Inc., the holding
company of the Purchaser, was settled by the Purchaser on 29 October 2013. Accordingly, the Group
had release the MVNO Sales Shares to the Purchaser pursuant to the stock pledge deed and stock escrow
agreement dated 3 March 2013 entered into between the Group and the Purchaser. The net proceeds from
the MVNO Disposal, after deducting expenses attributable to the MVNO Disposal of approximately
HK$4,017,000, were estimated to be approximately HK$35,330,000. The Company had applied the
Balance for payment of the Acquisition Consideration on completion of the Acquisition.
Details of the MVNO Disposal were disclosed in the Company’s announcements dated 27 November
2012, 4 February 2013, 4 March 2013, 1 August 2013, 13 September 2013 and 29 October 2013 and the
circular dated 18 December 2012 respectively.33
CHINA MOTION TELECOM INTERNATIONAL LIMITED
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