Planet Green Holdings has completed an acquisition of Xianning Bozhuang Tea Products.

Planet Green Holdings is involved in the development, manufacture and sale of processed food products, while Xianning Bozhuang Tea Products is a Chinese firm engaged in the production and distribution of tea across the country.

“Shanghai Xunyang Internet Technology agreed to acquire all outstanding equity interests of Xianning Bozhuang Tea Products.”

Earlier this month, Planet Green Holdings and its wholly-owned subsidiary Shanghai Xunyang Internet Technology entered a share exchange agreement with Xianning Bozhuang Tea Products and its shareholders.

As per the agreement, Shanghai Xunyang Internet Technology agreed to acquire all outstanding equity interests of Xianning Bozhuang Tea Products.

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Planet Green Holdings issued an aggregate of 1,080,000 shares of common stock of the company to the original shareholders of the tea products producer.

In exchange, all the equity interest of Xianning Bozhuang was transferred to Shanghai Xunyang Internet Technology.

According to agreement, Planet Green Holdings’ board of directors will consist of five individuals, including one member designated by Xianning Bozhuang.

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On 14 May, Yimin Jin resigned as Planet Green Holdings director and chief strategy officer.

Xianning Bozhuang chairman Bin Zhou has been appointed to serve as a member of the board.