OREANDA-NEWS. June 11, 2013. Asia Packaging Group Inc. has closed the acquisition of Yuanxing Package (China) Co., Ltd. ("Yuanxing"). The Company has received the final acceptance from the TSX Venture Exchange (the "Exchange"), as the company said in a press release received by Lesprom Network

Under the terms of a share purchase agreement dated November 5, 2012, as amended by the First Amendment to Share Purchase Agreement dated February 15, 2013 (collectively the "Purchase Agreement"), the acquisition of Yuanxing was completed through the purchase of all the issued and outstanding shares in its corporate parent, Jiayuan Investment Limited, from shareholders of Jiayuan Investment Limited. In accordance with the Purchase Agreement, the purchase price of \\$48 million has been satisfied by payment to the Jiayuan shareholders.

Mr. Wenge Hong, the Chairman of the Company expresses his appreciation to the Exchange for working with the Company to complete the transaction, which is one of the first transactions after the Exchange introduced its proposed policies on Emerging Market Issuers, "on behalf of the management and directors of the Company and Yuanxing, we would like to thank the staff of the Exchange for their co-operation and effort."

Yuanxing manufactures and markets a variety of retail/shopping bags and packaging products to the Chinese market. Yuanxing produces a full line of paper retail/shopping bags.

Asia Packaging Group, through its wholly-owned subsidiaries in the People's Republic of China ("PRC"), is in the business of manufacturing packaging products and services in China.