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Huazhang to buy Target's Guangdong warehouse for US$26 million
HUAZHANG Technology Holding Ltd is to acquire the entire issued share capital of the Target Company and the shareholder's loan for HK$205 million (US$26.28 million)
Upon completion of the acquisition, Swift Fortune Holdings Ltd and 777 Logistics Warehouse Holdings Ltd will own 8.86 per cent and 2.95 per cent of Huazhang, said a report published by Media OutReach.
The Target Group includes Fu An 777 Logistics Ltd, HK subsidiary and Guangdong Fu An 777 Logistics Warehouse Limited (WFOE).
The Target Group is currently constructing a logistics and warehouse centre in Guangdong province that is expected to be completed by the end of the year. The centre will provide bonded logistics services of raw materials, equipment and supplies for papermaking enterprises in China.
Huazhang's board was cited as saying that the "acquisition could help strengthen the group's after-sales and maintenance services, establish a one-stop integrated service platform through further integration of internal resources and promote all-rounded services to papermaking enterprises.
"The board considers that, through acquiring the Target Group, the company will be able to expand its customer base and market share in the market segment of papermaking industry and to meet potential future increasing demands of our products and services through the logistics and warehouse centre."
Huzhang Technology Holding is principally engaged in research and development, manufacture and sale of industry automation systems, sludge treatment products and corresponding services.
Upon completion of the acquisition, Swift Fortune Holdings Ltd and 777 Logistics Warehouse Holdings Ltd will own 8.86 per cent and 2.95 per cent of Huazhang, said a report published by Media OutReach.
The Target Group includes Fu An 777 Logistics Ltd, HK subsidiary and Guangdong Fu An 777 Logistics Warehouse Limited (WFOE).
The Target Group is currently constructing a logistics and warehouse centre in Guangdong province that is expected to be completed by the end of the year. The centre will provide bonded logistics services of raw materials, equipment and supplies for papermaking enterprises in China.
Huazhang's board was cited as saying that the "acquisition could help strengthen the group's after-sales and maintenance services, establish a one-stop integrated service platform through further integration of internal resources and promote all-rounded services to papermaking enterprises.
"The board considers that, through acquiring the Target Group, the company will be able to expand its customer base and market share in the market segment of papermaking industry and to meet potential future increasing demands of our products and services through the logistics and warehouse centre."
Huzhang Technology Holding is principally engaged in research and development, manufacture and sale of industry automation systems, sludge treatment products and corresponding services.
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