The four off-shore investment holding companies, Epistar JV Holding (BVI) Co., Ltd., UEC Investment Ltd., HUGA Holding (BVI) Limited and Bee Rich Corporation, which are 100% owned by EPISTAR Corporation (hereinafter referred to as “EPISTAR”), convened Board meeting respectively on November 1, 2018 and resolved to conduct a short-form merger. The relevant resolutions are to streamline investment structure within the group and has no impact on the consolidated financial report and shareholders' equity of EPISTAR.
The business scope of the four companies are investment shareholdings, it conducts short-form merger under common control of EPISTAR subject to the British Virgin Islands related laws and regulations, the surviving company is Epistar JV Holding (BVI) Co., Ltd and the other three are dissolved. The base date of short-form merger is November 1, 2018 and EPISTAR, the sole corporate shareholders of the dissolved companies, will receives the new shares of the surviving company in exchange of the initial investment cost to dissolved companies. The purpose of short-form merger is to streamline investment structure within EPISTAR group to reduce management cost and has no impact on the consolidated financial report and shareholders' equity of EPISTAR.