The majority of stockholders of Nevada corporation Man Sang Holdings, Inc. approved corporate reorganization to change the place of incorporation from Nevada to the British Virgin Islands. According to this decision, Man Sang Nevada is dissolved and liquidated pursuant to the terms of an agreement and plan of liquidation entered into with Man Sang International (BVI) Limited, which is the wholly owned subsidiary of Nevada corporation. Upon the reorganization of Man Sang Nevada as a British Virgin Islands company, Man Sang International (B.V.I.) Limited started trading on the NYSE Amex on August 26, 2009 under the symbol “MHJ.”
Under the terms of agreement, at company’s closing on August 25, 2009, each share of Man Sang Nevada’s common stock automatically converted into the right to receive an ordinary share of Man Sang BVI, and each share of Man Sang Nevada’s preferred stock converted into a right to receive a preferred share of Man Sang BVI. As a result of the reorganization, the number of ordinary and preferred shares in Man Sang BVI owned by each shareholder is the same as the number of common and preferred shares previously owned by Nevada company.
Man Sang International (B.V.I.) Limited, through its subsidiaries, is engaged in the purchase, processing, assembling, merchandising and distribution of pearls and jewelry products. Also, the company owns and operates commercial real estate in Hong Kong and PRC.
