Depu Technology repurchases HK$160 million to acquire mainland LED lighting company
[High-tech LED News] Recently, Depu Technology <03823.HK> announced that it will pay a price of HK$160 million, and 60% of the issued share capital and sales loans of Junyu Technology, a manufacturer of LED lighting and lighting accessories in the Mainland.
In this acquisition, Depp Technology will receive a profit guarantee of not less than RMB 25 million (equivalent to approximately HK$ 30 million) within 12 months from the date of completion. The proposed consideration will be paid in the form of cash, promissory notes and consideration shares in accordance with the terms of the agreement.
Junyu Technology currently wholly owns Weiguang Holdings Co., Ltd., while Weiguang Holdings owns 95% equity interest in Jiangxi Lantian Weiguang Technology Co., Ltd. Jiangxi Weiguang is a manufacturer of LED lighting and lighting accessories in the Mainland, mainly engaged in R&D and packaging of LED related products.
Depu Technology actively explored LED products business this year. In January this year, the Group reached an acquisition of Shenzhen Fengguang New Energy Co., Ltd., and in June completed the acquisition of Youyang (Xiamen) Optoelectronics Technology Co., Ltd., this time acquired Jiangxi Weiguang. Depp said that with the Group's acquisition of LED business in 2011, it is expected that LED related business will become one of the Group's main sources of income.
In this acquisition, Depp Technology will receive a profit guarantee of not less than RMB 25 million (equivalent to approximately HK$ 30 million) within 12 months from the date of completion. The proposed consideration will be paid in the form of cash, promissory notes and consideration shares in accordance with the terms of the agreement.
Junyu Technology currently wholly owns Weiguang Holdings Co., Ltd., while Weiguang Holdings owns 95% equity interest in Jiangxi Lantian Weiguang Technology Co., Ltd. Jiangxi Weiguang is a manufacturer of LED lighting and lighting accessories in the Mainland, mainly engaged in R&D and packaging of LED related products.
Depu Technology actively explored LED products business this year. In January this year, the Group reached an acquisition of Shenzhen Fengguang New Energy Co., Ltd., and in June completed the acquisition of Youyang (Xiamen) Optoelectronics Technology Co., Ltd., this time acquired Jiangxi Weiguang. Depp said that with the Group's acquisition of LED business in 2011, it is expected that LED related business will become one of the Group's main sources of income.
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