HONG KONG, May 14, 2018 - (Media OutReach) - EFT Solutions Holdings Limited ("the Company", together with its subsidiaries, the "Group"; Stock Code: 8062) is pleased to announce that, the Group conditionally agreed to acquire 70% of the entire issue share capital of Earn World Development Limited together with its subsidiaries ("the Target Group"), at the consideration of HK$210 million, of which HK$16 million shall be by cash and HK$194 million by issuance of the promissory notes.
Mr. Lo Chun Kit Andrew, chairman, chief executive officer and executive Director of the Group said, "the payment solutions industry has been playing a more important role in terms of service industry, especially in the retail sector. It is believed that our proposed acquisition provides an opportunity to integrate the Target Group's software solutions with our EFT-POS terminal and software solutions in order to enhance one-stop integrated payment solution to our clients. We aim to maximize return to the Company and our shareholders."
The Target Group has been in the information technology industry for more than ten years. It is principally engaged in the provision of software solution in retail, distribution and accounting sectors including point-of-sales system, ordering and inventory system and accounting system, with the objective of providing commercial software applications and retail and distribution solutions which are suitable for global operation. The Target Group has a diversified client base which includes local and multinational listed corporations and renowned local groups in various sectors, such as apparel and footwear, beauty and cosmetics, food and beverage, and furniture and home appliance.
The completion of the present proposed acquisition shall be conditional upon the shareholders of the Company having approved the sale and purchase agreement and the transactions contemplated thereunder at the general meeting.
About EFT Solutions Holdings Limited
EFT Solutions Holdings Limited (Stock Code: 8062) was established in 2008. It has been committed to providing a full range of electronic payment solutions, supporting software and peripheral devices. It aims at providing the most suitable electronic payment solution for different customers, as well as providing add-value function for EFT-POS terminal, and coordinating terminal installation. Its EFT-POS terminal service covers all major chain stores and department stores in Hong Kong, including PARKnSHOP, DFS, Watsons and Sogo.
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May 14, 2018 22:00 HKT/SGT
Topic: Press release summary
From the Asia Corporate News Network
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