4 Mar 2019 16:43
4th March 2019
Announcement of Zen Global Ltd plans to acquire less than 30% stake in World Trade Systems plc.
World Trade Systems plc (WTS) is listed on the main market operated by the London Stock Exchange (LSE). In 2003, WTS disposed of its only operating business. WTS was basically operating without any source of income, and was completely reliant on loans from its then majority and controlling shareholder, Kudrow Finance Limited("Kudrow"), a holding company established in the British Virgin Islands on 30 November 1999 (L.B.C. No. 354976).
In Feb 2016, Suzhou Weibao Company Ltd (SZWB) acquired 2,500,000 shares in WTS and a wholly-owned subsidiary was set up in China to focus on the development and distribution of health food products targeting mid/high end consumers. WTS applied to have this new business form the basis for new shares to be listed and be admitted to trade on the Main Board of the LSE. The application for listing was supported by Kudrow's loans and new loans organized by Sichuan & Co., (Hong Kong) Limited ("Sichuan & Co."), a Hong Kong investor, but was not successful. SZWB has since discontinued support of WTS from August of 2018.
Zen Global Limited, which is incorporated in England, has been set up to provide a comprehensive fundraising and Blockchain-enabled platform. The platform is built on Blockchain Ethereum and works by creating Smart Contracts between donors, charities and the final beneficiaries. Zen Global's ambition is to take a position of leadership in evidencing how Blockchain technology can transform paradigms for transparency and efficiency in the non-profit marketplace.
Zen Global has engaged a team of technology experts, including Tokyo Creative, DIG Japan and AI CODER, Singapore to fully concentrate on the product development. Zen will launch its Beta Version by end of April.
Zen Ltd, incorporated in the Cayman Islands which owns 100% of Zen Global, has raised US$ 5 million from its first Initial Coin Offering (ICO) in Sep 2018, and the AEN token issued by Zen Ltd is listed on TokenX https://www.tokenxpro.com/home .
Zen Global has entered into discussion with SZWB to acquire the 2.5 million shares SZWB owns in WTS to be funded by the coins issued by Zen Ltd. Win Harvest (HK) Ltd (https://win-hk.asia/ ) has agreed to sell GBP 1.15 million worth of AEN coins to raise net sales proceeds of approximately GBP 1.0 million after deducting WinHarvest's sales commission of 10%.
As part of the restructuring exercise, Zen Global Ltd is negotiating agreements with Kudrow and Sichuan & Co to convert their outstanding loans to shares.
Takamasa Kawasaki, CEO of Zen Global, says, "We are pleased to introduce our products to more than 10,000 shareholders of WTS and we thank them for their patience given the long road ahead where we need to comply with the UKLA requests to delist WTS and then build the business model and apply to have the shares re-listed in due course."
For shareholders of WTS, during the interim period please access this site for updates on the acquisition by Zen Global and the progress in setting up the Blockchain-enabled platform.
For any queries please contact the following:
Takamasa Kawasaki, CEO kawasaki@zen-foundation.com
AKM Ismail, Executive Director, akm.ismail@zen-foundation.com,
Tel; +44 7 786 712 459