Prosperity Minerals Holdings Ltd (AIM: PMHL.L), which operates a cement manufacturing and an iron ore trading business in the People's Republic of China said it has been notified by its chairman and chief executive officer, David Wong, he plans to transfer his shares in the group to Prosperity International Holdings (HK) Ltd in order to consolidate his cement industry interests.
Under the Memorandum of Understanding signed with PIHL, Wong, who controls 53 percent of PMHL, will receive new shares in PIHL in return. Wong is chairman and executive director of Hong Kong listed PIHL, a cement trading company with interests in a white granite mine and port facilities in the PRC, and controls 39 percent of it.