Global Lock Safety (Intl) Grp CoLtd Acquisition (5332A)
March 21 2013 - 4:10AM
UK Regulatory
TIDMGLOK
RNS Number : 5332A
Global Lock Safety (Intl) Grp CoLtd
21 March 2013
Global Lock Safety (International) Group Co., Limited
("Global Lock" or the "Company")
Acquisition of Yuxi City Global Lock Security Engineering Co.,
Ltd
Global Lock, the provider of security solutions to retailers and
other organisations in China, is pleased to announce that it has
acquired the remaining 50% interest in Yuxi City Global Lock
Security Engineering Co., Ltd ("Yuxi").
Yuxi was established in November 2010 as a joint venture with
three individuals and provides security solutions to retail stores
in Yuxi City, Yunnan province. At incorporation Global Lock
contributed 50% of the start up capital and has now agreed to
purchase the remaining 50% for an aggregate of RMB500,000
(approximately GBP53,000) which is the same value that the original
investment was made at. The shares have been purchased from Hualin
Li (18%), ZiyuanLuo (16%) and XinyiKui (16%) and the purchase is
being funded out of Global Lock's existing cash resources.
Yuxi is already consolidated in Global Lock's accounts as a
result of deemed control since the Company has had control over the
board of directors of Yuxi since incorporation.
Commenting on the changes, Li Mo Xiang, CEO, said: "We are
pleased to have been able to conclude this purchase of the balance
of the shareholding in Yuxi for the same price as the original
investment. We see great potential in Yuxi City and believe that
Yuxi will be able to make a positive contribution to Global Lock in
the coming years."
Enquiries:
Global Lock Safety (International) Group
Li Mo Xiang, CEO Tel:+86 755 8366 0755
Andrew Gee, Non-executive Director Tel: 0777 565 3564
Allenby Capital Limited Tel: 0203328 5656
Nick Naylor
Alex Price
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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