Sino Grandness

Sino Grandness: Expect share price to get a positive boost, as the group takes a step forward towards a successful listing of its juice business. Sino Grandness has announced that the Co is proposing to spin-off its beverage business segment, Garden Fresh (HK) Fruit & Vegetable Beverage together with its group of subsidiaries for a listing on an internationally recognised stock exchange with an accompanying IPO of shares. The Co had on 28 June13 obtained a no-objection letter from SGX for the Proposed Spin-off, subject to the following conditions:- 1) The Co's existing shareholders’ approval being obtained for the Proposed Spin-Off; 2) The remaining business of the Co and its group co’s outside the Proposed Spin-off group must satisfy the admission criteria for listing on the SGX-ST’s Mainboard; and 3) the Company will comply with such other conditions as may be imposed by the SGX-ST. The no-objection granted by the SGX-ST is not to be taken as an indication of the merits of the Proposed Listings. We highlight however that a successful spin-off is still subjected to certain conditions being fulfilled by the group, which includes a performance conditions hurdle set by convertible bond holders that garden fresh needs to meet at least Rmb 200m of net profit for FY13.