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Optimising Shareholding Structure and Enhancing Working Capital Beneficial to the Group's Long-Term Development
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HONG KONG, Mar 13, 2013 - (ACN Newswire) - Technovator International Limited ("Technovator" or the "Group", HKEx: 1206), a leading provider of building energy management solutions and services, announced that its subsidiary, Distech Controls has proposed a series of share transactions aiming to bring in several strategic investors including several renowned funds and sound industry players. The completion of transactions is subject to the independent shareholders' approval at Technovator's extraordinary general meeting.
 | | Technovator Brings in Strategic Investors for Distech Controls |
The transactions of Distech Controls bring in several strategic investors including, Fonds, development capital investment funds; CDPQ, a renowned Canadian pension fund manager; the venture capital arm of the Samsung Group ("Samsung"), the leading South Korean multinational conglomerate company, and EnerTech, a private investment firm focused on innovation in energy. Upon the completion of transactions, all the new strategic investors will hold a total of 9,698,124 shares of Distech Controls at a consideration of appromixately CAD2.63 per share which will be paid in cash.
Mr. Seah Han Leong, Executive Director and Chief Operating Officer of Technovator, said, "The transactions enable the Group to broaden and optimise its shareholder base and also enhance the working capital of the Group. Introduction of such a reputed investors, as Fonds, the largest labour-sponsored fund in Canada, also amply demonstrates the industry's confidence and recognition of Technovator. In addition, Samsung and EnerTech, both being sound players in the high-end technologies sector, are expected to bring synergies contributing to the overall development of the Group in the long run. We believe this will facilitate our business development, enhance our market competitiveness and the value of the Group. Moreover, the transactions are in line with the Group's long-term interest, as this allows the Group to retain its control over Distech Controls which remains as Technovator's subsidiary, and provides a good opportunity for the Group to realise a substantial part of its initial investment in Distech Controls amounting to approximately CAD10 million."
As one of the major operating subsidiaries of Techovator, Distech Controls focuses on the North American market, while expanding business in the European market through its own subsidiaries. In 2008, the Group invested USD13.40 million to acquire Distech Controls as a non-wholly owned subsidiary. Upon the completion of the transactions, the equity interest of Technovator in Distech Controls will be reduced from 63.81% to 43.98%. Yet, Technovator will still remain as the controlling shareholder of Distech Controls and its financial results will continue to be consolidated into the accounts of the Group.
Contact:
Strategic Financial Relations (China) Limited
Ms. Esther Lau
Tel: 2864 4845
email: esther.lau@sprg.com.hk
Mr. Justin Chen
Tel: 2864 4877
email: justin.chen@sprg.com.hk
Ms. Yannis Yip
Tel: 2114 4949
email: yannis.yip@sprg.com.hk
Topic: Press release summary
Source: Technovator International Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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