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History of CSL

China Stationery Limited ("CSL") was incorporated as an exempted company with limited liabilities in Bermuda on 14 August 2007 under the Bermuda Companies Act.

 

Operational track record of 20 years

Our business operations can be traced back to almost two decades ago. In July 1991, Chan Fung @ Kwan Wing Yin, the founder and Executive Chairman, through Kawan Kita (Hong Kong) Co Ltd ("Kawan Kita"), together with Putian Jiangkou Hualian Commerce Company, established Sakura (Fujian) Packaging & Stationery Co Ltd ("Sakura Stationery") to primarily manufacture plastic files, plastic folders and plastic ornament boards. Sakura Stationery was first incorporated as a sino-foreign equity joint venture and its registered capital was contributed by Kawan Kita and Putian Jiangkou Hualian in the proportion of 95.0% and 5.0%, respectively. Between July 1991 and 1993, the operations of Sakura Stationery were housed in leased premises and all its products were sold to customers within China. Since 1992, our Group has been using our own brand "SAKURA".

 

We commissioned our first production plant and expanded upstream to PP sheets production

In March 1992 and October 1993, with the acquisitions of Putian Jiangkou Hualian Commerce Company's stake, Kawan Kita became the sole shareholder of Sakura Stationery. In September 1992, Sakura Stationery's products were conferred the "Outstanding Products Award" by the Organising Committee for the National Foreign-invested Enterprises Daily Necessities Expo. In 1993, to accommodate our increased production, we moved from the leased premises to our First Plant at Zhenfu Road, Jiangkou Town, Hanjiang District, Putian, China with a gross floor area of 4,034.8 sq m.

In November 1993, Sakura (Fujian) Plastic Enterprise Co Ltd ("Sakura Plastic"), a wholly-owned foreign enterprise, was established by Kawan Kita to manufacture polypropylene ("PP") sheets. All the PP sheets manufactured by Sakura Plastic are used by Sakura Stationery in its production of plastic stationery products for the export market. With this upstream capability within our Group, we are able to ensure the delivery of and consistency in the quality of the PP sheets, and consequently, ensuring the quality of our plastic stationery.

 

Corporate Restructuring Exercise

In 2004 and 2007, Campus Developments Limited ("Campus") acquired 100% of the equity interest in Sakura Plastic and Sakura Stationery respectively from Kawan Kita for USD5 million and USD3.8 million respectively. The consideration was equivalent to the registered capital of Sakura Plastic and Sakura Stationery and was satisfied in cash.

In February 2006, Ruiyuan (Fujian) Enterprise Co. Ltd ("Ruiyuan"), a wholly-owned foreign enterprise, was incorporated by Sunwealth Group Limited ("Sunwealth") to undertake the production of our main proprietary product, the plastic tape printer.

On 14 August 2007, CSL was incorporated as a holding company in Bermuda to acquire the entire equity interests in Sunwealth and Campus which in turn holds our operating companies in the People's Republic of China.

On 26 October 2009, CSL was registered in Malaysia under the Malaysian Companies Act as a foreign company, with the intention of being a holding company to hold 2 subsidiaries - Sunwealth and Campus.