SHENZHEN, China, March 26, 2012 /PRNewswire-Asia/ -- China
GrenTech Corporation Limited (NASDAQ: GRRF, "GrenTech," or the
"Company"), a leading China-based
provider of radio frequency and wireless coverage products and
services, announced today that it has received from
Mr. Yingjie Gao, the Company's Chairman and Chief Executive
Officer, an executed copy of a facility agreement relating to
HK$320,000,000 term loan facility
(the "Facility Agreement") dated March 26,
2012 between Talenthome Management Limited ("Parent") and
Guotai Junan Finance (Hong Kong)
Limited ("Guotai Junan"), in accordance with the terms of the
previously announced amended and restated agreement and plan of
merger dated January 20, 2012, among
Parent, Xing Sheng Corporation Limited ("Merger Sub"), a company
wholly-owned by Parent, and the Company (the "Merger Agreement"),
pursuant to which Merger Sub will merge with and into the Company,
with the Company continuing as the surviving company and
wholly-owned by Parent.
Pursuant to the terms of the Facility Agreement, Guotai Junan
promised to make available to Parent a loan in a principal amount
of HK$320,000,000 to fund a portion
of the offer price of the merger, subject to certain conditions.
A copy of the Facility Agreement was filed as an exhibit to
the Schedule 13D/A filed by, among others, Mr. Yingjie Gao, Ms. Rong Yu and Ms. Yin Huang with the Securities and Exchange
Commission (the "SEC") on March 26,
2012.
The merger contemplated in the Merger Agreement is subject to
the approval by an affirmative vote of shareholders representing
two-thirds or more of the ordinary shares present and voting in
person or by proxy at an extraordinary general meeting of
shareholders to be held by the Company on April 16, 2012, as previously announced. If
completed, the merger would result in the Company becoming a
privately-held company and its American depositary shares would no
longer be listed on the NASDAQ Global Select Market.
This announcement is neither a solicitation of proxy, an offer
to purchase nor a solicitation of an offer to sell any securities
and it is not a substitute for any proxy statement or other filings
that have been or will be made with the SEC.
About China GrenTech
GrenTech is a leading developer of radio frequency ("RF")
technology in China and a leading
provider of wireless coverage products and services in China. The Company uses RF technology to
design and manufacture wireless coverage products, which enables
telecommunications operators to expand the reach of their wireless
communication networks to indoor and outdoor areas such as
buildings, highways, subways, tunnels and remote regions.
China GrenTech's wireless coverage services include design,
installation and project warranty services. The Company also
tailors the design and configuration of its wireless coverage
products to the specific requirements of its customers.
Based on its in-house RF technology platform, the Company also
develops and produces base station RF parts and components sold to
base station manufacturers. GrenTech is a qualified supplier
of RF parts and components to major global and domestic base
station manufacturers. For more information, please visit
www.GrenTech.com.cn.
Company Contact:
Xin Lian, Senior Manager
China GrenTech Corp. Ltd.
Tel: +86 755 2650 3007
E-mail: investor@powercn.com
SOURCE China GrenTech Corporation Limited