EXHIBIT 10.12
To: Liuzhou OVM Prestress Construction Co. Ltd.
Pursuant to an agreement made between Liuzhou HVM Construction Machinery Co.
Ltd. ("Liuzhou HVM") and Liuzhou OVM Joint Stock Company Limited (the "PRC
Partner"), Liuzhou HVM agreed to transfer 69.3% equity interest in
("Construction Company") to the PRC Partner for consideration based on the fair
value of the Construction Company, to be determined by an independent
professional valuer, as of December 31, 2001. Accordingly, please arrange the
engagement of Guangxi Zhengze Certified Public Accountants to perform the
valuation as soon as possible.
Liuzhou HVM Construction Machinery Co. Ltd.
/s/ Ching Lung Po
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Ching Lung Po, Chairman
Countersigned by:
Liuzhou OVM Joint Stock Company Limited
/s/ ▇▇▇▇ ▇▇▇▇
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March 7, 2002
April 9, 2001
OVM International Holding Corporation
Room 2105, West Tower, Shun Tak Centre,
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Hong Kong.
Attn: ▇▇. ▇▇▇▇▇ Lung Po
Dear Sirs,
Re: English Translation of Chinese Documents
We have reviewed the Chinese version and the English translation of the
Memorandum of Understanding dated March 7, 2002 provided by you.
Please note that we do not hold qualification in translation but to the extent
that we have reviewed the above English translation, we believe the translation
should be fair and correct translation of the corresponding Chinese document
above.
Yours sincerely,
/s/Li ▇▇▇▇ ▇▇▇▇▇
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Li ▇▇▇▇ ▇▇▇▇▇
Senior Lawyer
