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| Further Expanding into High-tech Business |
HONG KONG, Nov 21, 2016 - (ACN Newswire) - China Creative Global Holdings Limited ("China Creative Global Holdings" or the "Group", formerly known as "China Creative Home Group Limited", HKSE:1678), a leading manufacturer of branded electric fireplaces, air purifiers and home decor products in the PRC, is pleased to announce that through a wholly-owned subsidiary, China Prosper Int'l Limited, the Group entered into the Sale and Purchase Agreement with Many Merit Holdings Limited (the "Vendor"), to purchase 49% of the issued share capital of Radiant Forever Development Limited (the "Target Company"), at the Consideration of HKD235,000,000. The Target Company is an investment holding company, which wholly owns Changsha Innovation Semiconductor Co. Ltd ("Changsha Innovation") having principal business activities as designing, manufacturing and sales of integrated circuits in the PRC.
The Consideration for the Sale Shares will be satisfied in the following manner: (i) as to HKD205,000,000 to be settled in cash; (ii) as to HKD30,000,000 to be settled by the issue and allotment of 50,000,000 new Shares at the issue price of HKD0.6 per Share to the Vendor.
Changsha Innovation Semiconductor Co. Ltd, a wholly-owned subsidiary of the Target Company, specializes in designing and manufacturing 6-inch wafer which is a top-notch technique amongst the industry. Changsha Innovation has an experienced management team, in which most of its senior management has over 20 years of relevant experience in operating integrated circuit business. It also has a strong research and development team which is capable to suit the needs of its clients. The Group believes that Changsha Innovation will have a favourable prospects in the integrated circuit industry in the PRC. The Acquisition presents a valuable opportunity to broaden the income base of the Group and facilitate the development of the Group's integrated circuit related business, which is expected to give a positive impact to the operations, financial results and profitability of the Group.
Mr. Chen Fanglin, the Chairman of China Creative Global said, "As a high-tech industry supported by state policies, integrated circuit has a bright prospect. The group is actively expanding into high-tech business through the development of environment-friendly and healthy products, such as smart electric fireplaces, smart household products, and fresh air system. The acquisition of integrated circuit project helps to optimize the Group's smart household products and fresh air system, which will improve the competitiveness and market share of the Groups the products."
To better diversify the Group's business and promote the development of technology innovation, China Creative Global Holdings recently set up a Mergers and Acquisition Department to search all over the world for targets related to the Group's expansion. This is to boost the development of energy-saving, environment-friendly, and healthy business and fulfill the diversification strategy.
About China Creative Global Holdings Limited
China Creative Global Holdings Limited, formerly known as China Creative Home Group Limited, is one of the leading manufacturers of electric fireplaces, air purifiers, and home decor products in the PRC. The Group aims to maintain its leadership in the electric fireplace industry and pro-actively cooperate with state-owned enterprises. Meanwhile, the Group will develop environment-friendly, healthy and energy-saving business.
Media Contacts:
Angel Yeung | Jovian Communications
Tel: +852 2581 0168 | Fax: +852 2854 2012
Email: chinacreative@joviancomm.com
Topic: Merger & Acquisition
Source: China Creative Global Holdings Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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