1st May 2007 12:59
LED International Holdings Ltd01 May 2007 Immediate release 1 May 2007 LED INTERNATIONAL HOLDINGS LIMITED ("LED International" or "the Company") Acquisition of KEPU ELECTRONIC TECHNOLOGY (SHENZHEN) COMPANY LIMITED LED International, the AIM listed (LED.L) manufacturer of LED screens andrelated products, today announces the purchase of the entire issued sharecapital of Kepu Electronic Technology (Shenzhen) Company Limited ("Kepu") forthe total consideration of RMB 30 million from Sun Wah Enterprise InvestmentHoldings Limited ("Sun Wah"). The acquisition will be paid for with a mixture of cash and shares, with RMB 15million in cash and the balance in LED International ordinary shares. Kepu specialises in the research, development, manufacturer and sale of its ownbrand opto-electronic products, such as LED modules, LED unit boards and LEDbar-screens, which are used in consumer electronic goods such asair-conditioners, microwave ovens, conventional ovens, refrigerators, washingmachines, fixed line telephones, etc. The top customers of Kepu include severalPRC based large white-goods manufacturers along with two global consumerelectronic manufacturers. It reported profits before tax of RMB 6.47 million on sales of RMB 36.6 millionin its unaudited accounts for the financial year ended 31 December 2006. As at31 December 2006, Kepu had net liabilities of RMB 3 million. The acquisition of Kepu is conditional on the PRC government approval beingobtained by LED International, a process expected to take somewhere between 4 to6 weeks. Ka Lok Jim, CEO of LED International, commented, "The acquisition of Kepu ispart of our strategy to expand the product range and broaden the customer baseof LED related products. Kepu will provide us with synergistic benefits to theenlarged group as well as help in the geographic expansion of our businesses.The enlarged group will show an enhanced financial performance in the next 12months arising from this acquisition." -Ends- For further information: LED International +852 2810 4470Ka Lok Jim Conduit PR +44 20 7429 6609Christian Taylor-Wilkinson / Charlie Geller Blue Oar Securities +44 20 7448 4410Romil Patel / Shane Gallwey Notes to Editors: LED International and its subsidiaries specialise in the development,manufacture and sale of low powered / low maintenance LED screens and other LEDproducts such as outdoor signs, lamps, lighting and building illumination. Thescreens are manufactured in a 'building block' format to a specific design,which allows screens to be assembled to suit a customer's size and definitionspecifications. This design also ensures that the screens are relatively easy to transport andassemble. Based in Hong Kong, the Group's primary market has been the People'sRepublic of China ("PRC"), but it has also supplied end products to Macau, Japanand the USA. Part of the Group's strategy in 2007 is to widen its customer baseto markets outside PRC. The Company listed on AIM, part of the London Stock Exchange, on 23 October2006. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Led International Holdings