According to the announcement of China Architecture on February 5th, China Architecture International will purchase 65.438+39 billion new shares issued by Far East Global at the price of HK$ 0.62 per share, so that the direct or indirect shares held by China Architecture International will account for about 565.438+0.0% of the issued share capital after the expansion of Far East Global (if all options are not exercised, the proportion will be about 53. 1%).
As of June 30th, 20 1 1, the unaudited net asset value of Far East Global was about HK$ 565 million, while the net profit of after-tax and non-recurring items in 20 10 was HK$150,000. Although the capital cost of this acquisition is quite high, China Architecture said that China Construction International intends to use its own funds to pay for the acquisition, and the company has sufficient financial resources to meet the capital demand of the acquisition.
According to the announcement of Far East Global, China Construction International has no intention to privatize the company and intends to maintain its listing position on the main board of the Hong Kong Stock Exchange. Far East Global is the world's leading provider of building exterior wall solutions, providing one-stop solutions, including system design, engineering, procurement, prefabrication, assembly, transportation, installation, after-sales service and project management. The company's main products are curtain wall systems, mainly made of prefabricated aluminum plates, stainless steel and glass, and its business covers China, China, Hongkong, South America and the Middle East.
The two companies have deep roots. Due to the synergistic effect of its business, China Construction International is the cornerstone investor of Far East Global Listing, holding 9.3% of the shares. According to media reports, the two companies also cooperated with Hong Kong to develop a large shopping center in the fourth phase of Yau Tong, which is known as the "Taikoo Shing in East Kowloon". This shopping center was built last year.
This acquisition undoubtedly marks another step forward in the internationalization of China architecture. According to industry analysis, the businesses of the two companies are complementary, and the transaction can bring more diversified business development and enhance synergy, and will provide an international platform for China Construction International to find investment opportunities in the international market.