Asia Packaging Group has announced the execution of a share purchase agreement to acquire Yuanxing Package's operating business in China for $48m through the acquisition of all of the issued and outstanding share capital of Jiayuan Investment.

According to Asia Packaging, the purchase agreement terms vary from the letter of intent (LOI) that was earlier announced by the company in June 2012.

The company will only buy Jiayuan, Yuanxing HK and Yuanxing China, according to the agreement, and not Yuanxing Package, which was originally considered in the LOI.

Jiayuan owns all of the issued and outstanding share capital of Yuanxing Holding, which completely owns all of the share capital of Yuanxing China.

China-based Asia Packaging Group manufactures packaging products and services to the food and pharmaceutical industries.