To Develop V-chip Type Aluminium Electrolytic Capacitors Business
HONG KONG, May 10 /PRNewswire-Asia/ -- The PRC's leading manufacturer and distributor of aluminium electrolytic capacitors, Tech Pro Technology Development Limited ("Tech Pro Technology" or the "Group"; stock code:3823), announced the Group is to acquire the entire issued share capital of Splendid Victory Development Limited ("Target Company") at a Consideration amounted to RMB55 million (equivalent to approximately HK$62.5 million). Target Company indirectly holds the interest in Changzhou Dayou Changzhou Ao Si Te Dayou Electronics Company Limited（"Changzhou Dayou"）which is principally engaged in the manufacture and sale of V-chip type aluminium electrolytic capacitors.
The turnover of the target company in 2009 is RMB60.32 million (equivalent to approximately HK$68.54 million). As at 31 December 2009, the unaudited consolidated net asset value of the target group was approximately RMB48.8 million (equivalent to approximately HK$55.5 million). Changzhou Dayou possesses a production plant with a gross floor area of approximately 10,100 sq.m. located on a piece of land of approximately 22,300 sq.m. with an annual production capacity of 700 million units of capacitors. Its products are currently sold in the PRC and overseas countries and territories such as Hong Kong, Taiwan, Korea and Italy.
Mr. Yan Qixu, Chairman and Executive Director of Tech Pro Technology said, "The principal products of the Group are lead wire type, lug type and screw type aluminium electrolytic capacitors. As V-chip type aluminium electrolytic capacitors have relatively smaller size compared with the existing capacitors manufactured by the Group and they are generally applied in thin electronic circuits of laptop computers. Subsequent to the acquisition, the Group can fully control the development, production schedule and production priority in relation to V-chip type aluminium electrolytic capacitors and thus offer a better solution to our customers."
The consideration of this acquisition is to be satisfied in cash payable by the Group as to RMB3 million (equivalent to approximately HK$3.4 million) on signing of the Sale and Purchase Agreement and as to RMB52 million (equivalent to approximately HK$59.1 million) on Completion.
About Tech Pro Technology Development Limited
Tech Pro Technology, which was successfully listed on the Stock Exchange of Hong Kong Limited on 6 September 2007, is principally engaged in the manufacture and sale of aluminium electrolytic capacitors. Under its "Chang" brand, Tech Pro Technology produces a range of aluminium electrolytic capacitor products and diversified combinations. In order to meet the needs of customer, the Group has a total of 56 models of aluminium electrolytic capacitor products, comprising lead wire type capacitors, lug type capacitors and screw type capacitors. The Group's main customers include many reputable corporations, and its extensive sales network includes reliable domestic clients as well as customers from overseas markets such as Taiwan, Hong Kong, Turkey, Korea, Italy, and Russia.
For further information, please contact:
Winnie Chan
Tel: +852-3150-6775
Email: winnie.chan@pordafinance.com.hk
Samantha Yeung
Tel: +852-3150-6735
Email: samantha.yeung@pordafinance.com.hk
Fax: +852-3150-6728
