Qingmei

Qingmei: Chairman and CEO, Mr. Su Qingyuan sold 23m shares to priv investors, approx 3.6% of Qingmei’s issued capital of 640m shares at a price of S$0.1685 per share. This was a discount of approx 8.9% to the closing price of $0.185. The reason stated was to increase liquidity in the share counter. Mr Su still owns 61.35% of Qingmei after the divestment and has opted to receive the FY2011 dividend of Rmb 12.92c per share in scrip. Assuming a SGD/CNY rate of 4.889, and scrip issue price of $0.1685, Mr Su would receive an additional 60.6m shares on XD. Qingmei trades at current P/E of 1.9x