ZUOLI KECHUANG MICRO-FINANCE COMPANY LIMITED
Zuoli Micro-finance proposes to acquire Deqing Jin Hui for RMB256.7 million – Expand capital base and customer network
For immediate release Zuoli Micro-finance proposes to acquire Deqing Jin Hui for RMB256.7 million (3 May 2015, Hong Kong) Zuoli Kechuang Micro-finance Company Limited (“Zuoli Micro-finance” or the “Company”; SEHK stock code: 6866), the largest licensed microfinance company in Zhejiang*, is pleased to announce its proposed acquisition of 96.9298% of the equity interests in Deqing Jin Hui Micro-finance Co., Ltd (“Deqing Jin Hui”) for an aggregate maximum consideration of RMB256.7 million (equivalent to approximately HK$320.9 million), which will be funded principally by internal resources of the Company. Deqing Jin Hui is a licensed microfinance company in Deqing, Huzhou, Zhejiang. Primarily engaged in the business of providing micro and small loans and related financial services to SMEs and microenterprises in Deqing. Deqing Jin Hui has built up a strong portfolio of primarily AFR (agriculture, rural areas and farmers) customers and established a wide county and town level customer network in Deqing. It is one of the five licensed microfinance companies in Deqing, with a market share of 9.9% in terms of loan balance as of 30 June 2014, while Zuoli Micro-finance had a 44.0% market share during the same period. Deqing Jin Hui’s registered capital is RMB228 million as of 31 March 2015. Its turnover was RMB30.201 million and RMB33.957 million for the year 2013 and 2014, while its net profit after taxation reached RMB15.596 million and RMB19.712 million, respectively. Mr. Yu Yin, Chairman of Zuoli Micro-finance, said, “We are delighted to see a further expansion of Zuoli Micro-finance’s business scale through this acquisition. As the scale of a microfinancing business depends, to a large extent, on the size of its capital base, the acquisition will further expand the capital base of our loan business and allow us to gain access to the existing management team and customer base of Deqing Jin Hui. We would like to extend our warmest welcome to the Deqing Jin Hui team for joining us. We look forward to providing customers with better products and services to further strengthen Zuoli Micro-finance’s market position.” * In terms of registered capital as of 31 December 2014 – End – About Zuoli Micro-finance Company Limited For further information, please contact: End of Press Release +++++ Document: http://n.equitystory.com/c/fncls.ssp?u=MXMHMFSWVN Document title: Zuoli Micro-finance proposes to acquire Deqing Jin Hui for RMB256.7 million – Expand capital base and customer network Key word(s): Miscellaneous 04/05/2015 UTC+8 Dissemination of a Press Release, transmitted by EQS TodayIR – a company of EQS Group AG. The issuer is solely responsible for the content of this announcement. Media archive at www.todayir.com |
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