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| Thursday, 31 January 2019, 19:02 HKT/SGT | |
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| State-owned Assets Supervision and Administration Commission of the State Council |
HONG KONG, Jan 31, 2019 - (ACN Newswire) - BII Railway Transportation Technology Holdings Company Limited ("BII Railway Technology" or the "Company", HK stock code: 01522) is pleased to announce today that the acquisition of 95% of the equity interests of Suzhou Huaqi Intelligent Technology Co., Ltd. ("Huaqi Intelligent") from NetPosa Technologies Limited (the "Acquisition") has been approved by Beijing State-owned Assets Supervision and Administration Commission of People's Government of Beijing Municipality recently, meaning the Acquisition has entered into its final stage - subject to the approval of its shareholders in the upcoming EGM.
According to the Acquisition agreement the Company has conditionally agreed to acquire and NetPosa has conditionally agreed to sell the Sale Equity, being 95% of equity interests in Huqai Intelligent, at the consideration of RMB1,045,000,000 (equivlalent to approximately HK$1,191,300,000).
Headquartered in Suzhou, Huaqi Intelligent is a company established in the PRC with limited liablity in 2010. Huaqi Intelligent and its subsidiaries ("Huaqi Group") is principally engaged in the provision of solutions of automation and information-based systems for transportation applications. If offeres products, techniques, system integration, operation services and consultancy for high-speed railway, train, urban rail transit, interurban railway and urban railway in the PRC. Since 2016, the Huaqi Group has expanded its customer coverage to other countries such as India. As at 30 September 2018, the products of the Huaqi Group were equipped in railways covering more than 20 cities around the world with a workforce of over 400 employees.
The Huaqi Group operates in the railway transit industry and the railway transit information system market. It possesses the technology to produce on-board passenger information system ("on-board PIS"), which is one of the six major information systems used in railway transportation. It acts as a communication medium between passengers and train stations or trains. The Huaqi Group is the market leader in the on-board PIS market in the PRC.
Upon completion of the Acquisition, the Directors believe that the Huaqi Group, being the market leader in the on-board PIS market in the PRC and equipped with technical
capabilities, can enhance the Company and its subsidiaries' (the "Group") competitiveness in intelligent railway transportation business and enable the Group to offer more comprehensive products and solutions to meet the demands of its existing and potential customers, in particular, the provision of integrated products and services from ground PIS to on-board PIS. The Company believes that the Acquisition will also enable the Group to provide technological capability of producing on-board PIS obtained from the Huaqi Group. The Group considers the Acquisition can complement the Group's development strategy regarding its intelligent railway transportation operations, which is in line with the "13th Five-Year Plan" and the national strategy of the "Belt and Road Initiative". It is expected that the Acquisition will contribute positively to the Group's market share in railway transportation systems in the PRC and enable the Group to expand its business to other countries in the world.
As the Acquisition Agreements constitutes a notifiable transaction for the Company under Chapter 14 of the Listing Rules, hence, is subject to Shareholders' approval at the Extraordinary General Meeting. The EGM will be held at Conference Room, 9/F, 3rd Building, Jingtou Plaza, No. 6 Xiaoying North Road, Chaoyang District, Beijing, the People's Republic of China on Monday, 25 February 2019 at 2pm.
Should the Acquisition be approved in the EGM, the Company will indirectly own 95% equity interest in Huaqi Intelligent. As a result, Huaqi Intelligent will become a non-wholly owned subsidiary of the Company and the financial results of which will be consolidated into the financial statements of the Company.
Topic: Press release summary
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
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