VANCOUVER, British Columbia, March 22, 2018 (GLOBE NEWSWIRE) -- UPP Holdings Limited (“UPP”) announced that on March 22, 2018, it entered into an agreement to indirectly acquire from Genghis S.a.r.l 18,460,760 common shares (“Common Shares”) of Taiga Building Products Ltd. (“Taiga”), a company with a head office at #800 - 4710 Kingsway, Burnaby, British Columbia, V5H 4M2, at a deemed purchase price of CDN$1.50 per Common Share for an aggregate purchase price of CDN$27,691,140. UPP has agreed to acquire the 18,460,760 Common Shares through a private transaction made in reliance on the private agreement exemption set out in section 4.2 of National Instrument 62-104 Take-Over Bids and Issuer Bids. UPP currently owns, directly or indirectly, or exercises control or direction over 57,248,055 Common Shares, representing approximately 49.0% of the total number of issued and outstanding Common Shares. After the acquisition, UPP will own, directly or indirectly, or exercise control or direction over, 75,708,815 Common Shares, representing approximately 64.8% of the total number of issued and outstanding Common Shares. This change will represent an increase of approximately 15.8% in the total number of issued and outstanding Common Shares held by UPP. UPP’s acquisition is being made for investment purposes. UPP may, in the future, increase or decrease its beneficial ownership, control or direction over securities of Taiga.
For more information, or to obtain a copy of the subject early warning report, please contact:
UPP Holdings Limited
1 Kim Seng Promenade
#13-10 Great World City West Tower
Telephone: (65) 6836 5522
Facsimile: (65) 6836 5500