CHTC completes buyout of Fong’s
Zhang Jie, the chairman of China Hi-Tech Group Corporation (CHTC), announced at the ShanghaiTEX on 15 June 2011 that China Hi-Tech Group has recently completed its acquisition of the controlling shareholding in Fong’s Industries, a China-based supplier of dyeing and finishing machines. The acquisition will enable CHTC to further strengthen its business and operation modes within the textile machinery industry.
On 7 January 2011, CHTC and Mr Fong Sou Lam, the controlling shareholder, chairman and executive director of Fong’s Industries signed a sale and purchase agreement to which CHTC has agreed to acquire from Mr Fong 37.7% of the issued share capital of Fong’s Industries. At the close of the unconditional mandatory cash offer on 3 June 2011, CHTC has acquired approximately a 61% share in Fong’s Industries. CHTC’s strategy is to continuously expand and strengthen its textile machinery manufacturing operations in the field of dyeing and finishing machinery. The acquisition of Fong’s Industries is in line with the company’s aims.
