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The Canadian Press - ONLINE EDITION
Spur shareholders OK sale of chemicals unit for $9.25M to Cayman Island company
VANCOUVER - Spur Ventures Inc. (TSX:SVU), a junior Vancouver company, says its shareholders have approved a deal to sell its wholly owned chemicals unit to Hong Tang Vision Ltd., a Cayman Islands company.
The pricetag of the sale is $9.25 million in cash, Spur said late Tuesday.
The special meeting held Tuesday in Vancouver saw shareholders overwhelmingly approve the sale of Spur Chemicals (BVI) Inc. to Hong Tang.
The company through Spur Chemicals, controls two joint ventures in China.
In both cases, the Chinese partner is YPCC, a state owned business in Yichang City in Hubei province, in central China.
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