Shriro Pacific Ltd. Acquires Additional 25% Share in The Pryde Group

Hong Kong, 8 July, 2015 — Shriro Pacific Ltd. has completed the acquisition of 25% of shareholdings in Neil Pryde Limited, the holding company of The Pryde Group, held by Mr. Neil Pryde. The acquisition was effective from July 2nd, 2015. Mr. Neil Pryde has resigned from all directorships in The Pryde Group, effective immediately.

Through this acquisition, Shriro Pacific Ltd. now owns 100% of the total issued shared capital of Neil Pryde Ltd. and its subsidiaries.

Mr. Vasco Fung, Group CEO of Shriro Pacific Ltd. commented on the acquisition, "On behalf of Shriro Pacific Ltd. I would like to express our heartfelt gratitude to Neil for his leadership and dedicated service to The Pryde Group, since he founded the company over forty years ago. We wish him all the best for the future."

The Pryde Group has been in a leadership transition for the past three years, with Mr. Patrick Pender taking the reigns from Mr. Pryde on January 1st, 2015, having initially served as Deputy Managing Director. Supporting Mr. Pender is an experienced and established leadership team that has ensured smooth operation of the business through this transition.

"All of us at The Pryde Group wish Neil the very best in his retirement — even though we know he is unlikely to sit still. His legacy will remain with this company forever and we are determined to continue on the successful course he has set," commented Mr. Pender.