Chinese eco-friendly building products manufacturer Yulong Eco-Materials Limited (YECO) announced that it has completed the acquisition of the Millennium Sapphire (MS), a Madagascan gem carved with the likenesses of famous historical figures.
Yulong announced that it had signed a sale and purchase agreement to acquire the Millennium Sapphire for $50 million.
The company is now in the process of the sale and spin off its China businesses in order to devote all it’s resources to the MS business. The company plans to relocate its headquarters to New York this month and replace its officers and directors in order to manage and develop the new MS business.
The closing was contingent upon obtaining YECO shareholder and NASDAQ approval. YECO shareholders voted to approve the acquisition along with changing the name of the corporation to Millennium Enterprises Limited.