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| Friday, 21 July 2017, 21:13 HKT/SGT | |
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| Expand into the Field of Quality Kindergarten Education Services; Achieve Strong Synergy with the Toys Retailer Business |
HONG KONG, July 21, 2017 - (ACN Newswire) - C.banner International Holdings Limited ("C.banner" or the "Company", together with its subsidiaries, the "Group", stock code: 1028), the leading international integrated retailer and mid-to-premium footwear brand in China, today is pleased to announce that after trading hours on 21 July 2017, it has entered into an agreement with the Sellers to purchase 6,319,820 Sale Shares of EtonKids Educational Group Limited ("EtonKids Educational Group") with a cash consideration of US$79,408,705 (equivalent to HK$ 619,761,120), representing 45.78% of the issued share capital of EtonKids Educational Group.
Upon Completion, the EtonKids Educational Group will be held by C.banner as to 45.78% and by the Founder Company as to 54.22%, and 13.22% of the issued share capital held by the Founder Company is subject to a call option granted to a third party. Upon full exercise of such call option by the third party, C.banner, the Founder Company, and the third party will hold 45.78%, 41%, and 13.22% of EtonKids Educational Group's issued share capital respectively.
EtonKids Educational Group is a company incorporated in the Cayman Islands and, together with its subsidiaries and controlled companies, is an education group operating kindergartens under the brand "EtonKids" in the PRC. For the financial years ended 31 August 2015 and 31 August 2016, the unaudited consolidated net profit after taxation of EtonKids Educational Group was RMB38,273,000 and RMB50,857,000 respectively.
Mr. CHEN Yixi, Chairman of C.banner International Holdings Limited said, "The acquisition will diversify C.banner's business into kindergarten education services industry, further strengthen the Group's presence in the market for children's products and services to achieve strong synergy with the existing toys retailer business and broaden revenue sources of the Group with good quality assets. The prospects of the kindergarten education services industry in China will benefits significantly from its new nation-wide "Two-Child Policy". Moreover, EtonKids Educational Group's management, recent financial performance and business growth potential all shows great promises, we are optimistic on its business prospects. We hope that through the acquisition, the Group can achieve long-term stable growth and development, so as to create greater value for our shareholders."
Topic: Press release summary
Sectors: Fashion & Apparel, Retail & eCommerce, Daily Finance, Daily News
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