Form 8-K for TEDA TRAVEL GROUP INC
Completion of Acquisition or Disposition of Assets, Change in Directors or
Item 2.01. Completion of Acquisition or Disposition of Assets
On April 29, 2006, Registrant completed the sale of all of its ownership interest in the joint venture Tianjin Teda Yide Industrial Company Limited (f/k/a Tianjin Yide Real Estate Co., Ltd) (“Yide”) pursuant to an Agreement for the Purchase and Sale of Stock (the “Agreement”) with Far Coast Asia Limited (“Far Coast”). Registrant owned 35% of the outstanding capital of Yide. Pursuant to the terms of the Agreement, Far Coast paid Registrant a deposit of US $800,000 in respect of the sale in January 2006 and a balance payment of US $2.2 million was paid at the closing of the transaction (the “Purchase Price”). The Purchase Price was paid to the Registrant in Hong Kong dollars. Far Coast and its affiliated entities have no prior relationship to Registrant and its affiliated entities. A copy of the Agreement for the Purchase and Sale of Stock was filed as Exhibit 2.1 to the Registrant’s Form 8-K filed with the Commission on January 5, 2006. Within 71 days of May 4, 2006, the Registrant will file by amendment to this Form 8-K the financial statements required by Item 9.01of Form 8-K.
Item 5.02. Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.
Effective May 2, 2006 Zhi Ying Chang resigned as Chairman of the Board and as a Director of the Registrant.
Effective May 3, 2006, the Registrant’s Board of Directors appointed Stanley Chu and Raymond Chan to Registrant’s Board of Directors.
There is no agreement, written or otherwise between either of Mr. Chu or Mr. Chan and the Registrant related to their election or participation as members of the Registrant’s Board of Directors, nor is there any other agreement between either of Mr. Chu or Mr. Chan, or any of their affiliated entities, and the Registrant, or any of its affiliated entities. Neither of Mr. Chu or Mr. Chan is expected to serve on any committee at this time.
During the past 24 months, there have been no transactions or proposed transactions between either of Mr. Chu or Mr. Chan, or any of their affiliated entities, and Registrant, or any of its affiliated entities. In addition, during the past 24 months, neither Registrant, nor any of its affiliated entities, has paid either of Mr. Chu or Mr. Chan, or any of their affiliated entities, any remuneration for services.