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| Focus on developing own branded businesses |
HONG KONG, Nov 1, 2016 - (ACN Newswire) - Sky Light Holdings Limited ("Sky Light" or the "Group") (stock code: 3882) has today announced its wholly-owned subsidiary has completed the acquisition of 100% equity interests in iON Group ("iON"), after which the Group will focus on developing its own branded businesses and is set to create enormous synergies with the existing business.
iON Group is a US-based action camera manufacturing group which boasts a diverse product portfolio, including among others, internet protocol cameras and smart wearable devices. It also owns the brands and trademarks of iON, Air Pro, and SnapCam and abundant customer resources entailing electronics distributors and chain stores with nationwide presence in the US.
Mr. Tang Wing Fong Terry, Chairman of Sky Light, said, "The completion of this acquisition is a major milestone for Sky Light. On top of enhancing our capabilities in the value chain, it will also strengthen our business, provide us with more diversified portfolios of brands and products, as well as broaden our customer base and revenue streams. The Group believes, via the acquisition of iON Group, giving it the leverage of iON's strong sales channel network and brand reputation in the US, it can more effectively improve cost efficiency and is in the best interests of the Company and the Shareholders as a whole."
The total consideration of the acquisition amounted to approximately US$13,200,000 (equivalent to approximately HK$102,960,000), including approximately US$12,200,000 (equivalent to approximately HK$95,160,000) as required in an earlier agreement to support the restructuring of iON, and the non-cash portion of the Loan Facility of approximately US$1,000,000 (equivalent to approximately HK$7,800,000). For more details, please refer the announcement published on Hong Kong Stock Exchange on 1 November 2016.
About Sky Light Holdings Limited
Sky Light Holdings Limited ("Sky Light" or "the Group"; stock code: 3882.HK) is a leading digital imaging device and solutions provider globally. It is principally engaged in developing and manufacturing home imaging products, virtual reality products, action cameras and other digital imaging products such as police cameras, car camcorders and digital camcorders for various uses. With more than 10 years of experience in developing a diverse range of digital imaging products, the Group is dedicated to offering design-driven JDM and ODM solutions to its customers and is striving to become a brand-driven, one-stop, vertically integrated smart imaging devices and solutions provider.
Media enquiries
Strategic Financial Relations Limited
Heidi So Tel: +852 2864 4826 Email: heidi.so@sprg.com.hk
Stephanie Liu Tel: +852 2864 4852 Email: stephanie.liu@sprg.com.hk
Topic: Merger & Acquisition
Source: Sky Light Holdings Limited
Sectors: Daily Finance, Daily News
http://www.acnnewswire.com
From the Asia Corporate News Network
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