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Global Sources CEO boosts stake in company

Published on .

New York--Hong Kong-based Global Sources Ltd., a b-to-b media company facilitating trade between buyers and suppliers, announced that Merle A. Hinrichs, the company’s chairman-CEO, acquired enough shares in the company to give him a more than two-thirds’ stake of the enterprise’s common shares. Hinrichs purchased 13,667,132 common shares of Global Sources, representing 51.9% of the outstanding common shares, from Hung Lay Si Co. Ltd. With the purchase, Hinrichs owns about 67.2% of the outstanding common shares. In the deal, Hinrichs has agreed to pay to Hung Lay Si Co. $109.3 million by Nov. 27, 2013. Pending this payment, Hung Lay Si Co. will have a security interest in the common shares held by Hinrichs.
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