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| Friday, 2 September 2011, 10:30 HKT/SGT | |
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Source: China Trends | |
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HONG KONG, Sept 2, 2011 - (ACN Newswire) - After entering into the cooperative framework agreement with Need Education Program Office ("Need Education") and Boss Dream Cultural Communication Company Limited ("Boss Cultural") in December 2010, China Trends Holdings Limited ("China Trends", SEHK:8171) has expanded the CEM business into educational sector. The Company is delighted to announce today that it further accelerates the setup of CEM industry chain by acquiring 100% issued share capital of Beijing Need Education Technology Company Limited ("Beijing Need Education"), with a view to effectively achieving the target of building distribution agencies and talents with alliance partners in all cities above county level in the PRC.
China Trends entered into a framework agreement with the Vendor and Boss Cultural after trading hour today, regarding the acquisition on the entire issued share capital of Beijing Need Education, the total consideration will be agreed by the Company and the Vendor and evaluated by Hong Kong assets evaluation agencies and / or auditors recognized by the Stock Exchange. The company will pay cash or three-year convertible bonds (the terms of conversion agreed in the formal agreement) to the Vendor. According to the agreement, If Beijing Need Education's issued shares, due to the Vendor's issue, could not be transferred to the Company within 6 months of the agreement, the Vendor shall compensate the Company by transferring 50% of Beijing Need Education's shares to the Company without any charges within 30 days since the date of the Company informed the Vendor.
With strong support from the PRC government to promote the implementation of the energy management contract(CEM) project to facilitate the energy-saving service sector in the economy, and the guidance of "the National Program for Medium-Term and Long-Term Educational Reform and Development (2010-2020)", the Company is expected that the possible acquisition can speed up the training of talents for CEM business.
Beijing Need Education insists to take "the National Program for Medium-Term and Long-Term Educational Reform and Development (2010-2020)" as the policy instruction, and maintains the strategic themes of "people-oriented, fully- implemented quality education" on the integration of international resources. The company provides full range of educational, professional, personalized education services to different levels, different ages and different needs of consumers. Beijing Need Education's project centers have been opened in Beijing, Tianjin, Shijiazhuang and Taiyuan, while the centers in Shenzhen, Changchun and Xian will be operated soon, the company also entered into cooperative agreement with 26 cities like Shanghai and Qingdao. Beijing Need Education's targets are to complete cooperative agreements with 80 cities at the end of this year, and to build 10,000 education platforms of quality education in mainland China over the next decade, which will greatly satisfy the strong demand for the society.
China Trends will provide energy-saving products and related solutions to customers by mean of energy management contract. The Company will realize its investment returns and profit by sharing the energy saving efficiency realized in the energy saving measures. The possible acquisition enables the Company to effectively achieve the target of building distribution agencies and talents with alliance partners in all cities above county level in the PRC, to accelerate the progress of the Group's CEM business.
Contact:
Carmen Lee
China Trends Holdings Limited
Email: carmen.lee@8171.com.hk
Tel: +852 2111 9988
Direct: +852 2155 6275
Topic: Merger & Acquisition
Source: China Trends
Sectors: Retail & eCommerce, Daily Finance
https://www.acnnewswire.com
From the Asia Corporate News Network
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