CHAROEN POKPHAND GROUP CLARIFIES REPORTS ON PING AN ACQUISITION
(Following is a reformatted statement of Charoen Pokphand Group Co. Ltd. via an electronic mail. The press release was confirmed by the sender.)
Press Release Date: December 25, 2012
CLARIFICATION BY THE CHAROEN POKPHAND GROUP REGARDING THE ACQUISTION OF PING AN INSURANCE SHARES
Recently, there have been false news reports regarding the acquisition of Ping An Insurance shares by the Charoen Pokphand Group which was also reported online as well. In this regard, the Charoen Pokphand Group would like to officially clarify as follows:
The acquisition of shares were legal * The source of capital is transparent
On December 5th, 2012 the companies All Gain Trading Limited, Bloom Fortune Group Limited, Business Fortune Holdings Limited and Easy Boom Developments Limited (the “Purchasers”), had signed an agreement to transfer shares of Ping An Insurance from the seller HSBC Insurance Holdings Limited and The Hong Kong and Shanghai Banking Corporation Limited.
CP (Charoen Pokphand Group Co., Ltd.) would like to clarify that all 4 companies (All Gain Trading Limited, Bloom Fortune Group Limited, Business Fortune Holdings Limited and Easy Boom Developments Limited) are subsidiaries of CP which CP fully owns. Furthermore, this acquisition was conducted with legal capital from the Charoen Pokphand Group and its subsidiaries. Since the People’s Republic of China opened up its country in 1979, CP had cooperated well with the Chinese government.
CP was the first foreign entity to invest (in China) and throughout the years, CP had upheld the three agricultural development policies (Xinnongchun) as well as the ‘3-Benefits Principle’ (Benefit to the country, benefit to the people and benefit to the company).
In addition, CP had continually reformed agricultural management such as expanding agricultural land, setting strict agricultural standards and modernizing agriculture. CP is confident in the development of Ping An Insurance and aims to collaborate with Ping An Insurance to develop every sector in the rural area which is in line with the policy of modernizing China’s agricultural sector. -###- Charoen Pokphand Group Office of Corporate Communications Affairs Tel: +662-625-8127 to 30 or +6684-080-8585 Email: firstname.lastname@example.org