AMVIG Holdings said it has agreed to purchase the entire issued share capital of Purple Art for CNH 350 million (EUR 32 million), or HKD 390 million.

AMVIG will settle the HKD 200.23 million by issuing consideration shares, with the rest paid in cash. The 23.87 million consideration shares (issued at HKD 8.39 apiece) represent 2.44 per cent of the existing issued share capital of the company, or 2.38 per cent of the enlarged issued share capital.
The company said the acquisition will allow it to establish its cigarette packaging business in Hangzhou which is one of the wealthiest cities in China, and thereby diversify its revenue base.
AMVIG Holdings (formerly Vision Grande) manufactures and prints laminated paper and cigarette packaging in China.
Purple Art is principally engaged in the printing of high quality cigarette packages in Hangzhou in the eastern province of Zhejiang, and is a key supplier to China Tobacco Zhejiang Industrial.