VIENTIANE, Laos, Nov. 28, 2016 /PRNewswire/ -- NowNews Digital Media Technology Co., Ltd. ("NDMT" or "the Company") (OTCQB: NDMT), a media company that provides news and multimedia platform services, is pleased to announce that the Company has entered into a share exchange agreement (the "Agreement") with Lao Development Holding Limited ("Lao Development"), a Seychelles company and each of the shareholders of Lao Development (the "Shareholders") to acquire all the issued and outstanding shares of common stock of Lao Development in exchange for 2,137,500 restricted shares of common stock, par value $0.001 of the Company ("Share Exchange"). Lao Development holds 19% of Lao Construction Bank's stocks. The closing of the transactions contemplated under the Agreement is subject to the fulfillment of certain conditions. The Share Exchange is expected to close on November 19, 2017 or such other date and time as all parties may mutually determine (the "Closing Date").
The signing ceremony was held at Vientiane on November 19th. Alan Chen, Chairman of NDMT, Dr. Aixinjueluo Yuhao, director of NDMT, Ling-Lan Tsai, former president of the Sino-Laos Cultural and Economic Association, John Carroll, director of Carroll Capital, Shang-Hong Lin, Chairman of NOWnews Network Co., Ltd. , Shuo-Wei Shih, CEO of NDMT and other 40 guests attended the ceremony.
Lao Construction Bank is a fully licensed bank established in 2012, providing foreign currency deposit, currency exchange and other local financial services. With Lao's rapid economic growth in recent years, Lao Construction Bank has been an active force to promote the country's financial services to an international level and will strategically focus on the bank's international financial services.
"We believe the acquisition creates a multi-win situation for NDMT, Lao Construction Bank and the local business", says Shuo-Wei Shih, CEO of NDMT. "Lao Construction Bank will act as a window of investment for NDMT by assisting the Company in screening and evaluating potential investment targets in the future. NDMT will also introduce international resources to the bank to speed up its internationalization process."
Since joining the Association of Southeast Asian Nations (ASEAN) and WTO, Laos has been able to maintain an average GDP growth of 8% annually, and the growth rate is expected to be higher in the next five years. This is an economic trend that NDMT could ride on with its business partners in Laos and other ASEAN countries.
About Lao Construction Bank
Lao construction Bank Limited (LCB) is a joint-venture commercial bank between Lao and Chinese. Lao Construction Bank was officially opened on February 22, 2012. The bank has been named "Lao Construction Bank" in Laos with an abbreviation, "LCB". Its headquarters is now located at Cosco Road, Unit 10, Phonsinuan Village, Sisattanak District, Vientiane Capital, Lao PDR. The Lao Construction Bank's slogan is "Take You Forward and Grow Together".
NowNews Digital Media Technology Co. Ltd. is a U.S.-listed media holding company focusing on the global Chinese market. The Company's holdings in the media space include digital media, movie production and distribution, and music copyright. The digital media business engages in creating, collecting and distributing news and information through its website and applications on mobile phones or tablets. The Company's subsidiary NOWnews is the largest online self-produced news content provider of Taiwan and the only Taiwanese online news website fully accessible in Mainland China. The movie production and distribution business engages in Internet movie, Internet drama and Internet show production, foreign movie import and production, movie marketing and advertising, and Internet personality business. The Company's music copyright business owns copyright to more than 3000 hit pop songs and provides a full range of Karaoke products. In addition, the Company has investments in the banking industry in Southeast Asia.
SOURCE NowNews Digital Media Technology Co., Ltd.