HONG KONG, Nov. 23 /PRNewswire-Asia/ -- China Public Procurement Limited (HKEx: 1094, the "Company" or "CPP") is pleased to announce that the Company has entered into a memorandum of understanding that is due to expire on March 31st, 2010 (the "MOU"), for the negotiation of the acquisition (the "Acquisition") of 100% of Jiaji Tian Cheng Technology Limited of Shengzhen, PRC ("Jiaji Tian Cheng"), a procurement software developer based in Shenzhen, PRC, at a total consideration not exceeding HK$50 million.
Jiaji Tian Cheng has successfully developed a series of software specializing in procurement functions, including providing simultaneous information for purchasers, simultaneous bidding and placement functions, and generating data analysis based on procurement data. The Company is confident that the Acquisition will be highly beneficial to the development of its electronic enterprise procurement platform business.
Mr. Liu Bo, Chief Executive Officer of CPP, commenting on the Acquisition, said "The acquisition of Jiaji Tian Cheng represents yet another significant development to the Company's business, and is an excellent opportunity for us to further develop and expand our business and strengthen our market position in the PRC. We are looking forward to integrating the software technology, as a platform, into our existing technical, network and other resources to create a comprehensive enterprise purchasing solution, develop new business opportunities and tap into the vast opportunities in public purchasing market."
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