Hong Kong-listed China Ocean Shipbuilding has announced that it has entered into an agreement with Pacific Greatest Limited for the acquisition of Success Capture, a company incorporated in the British Virgin Isalnds, for HK$67.47m ($8.7m). The amount could be adjusted upward to a maximum of HK$450m ($58m) upon fulfillment of a profit guarantee.
Success Capture is an investment holding company, which holds full interest in Shandong Ruitong (Hong Kong) Parking Management Services Company.
China Ocean Shipbuilding said the acquisition represents a crucial step into the automotive parking management service business which could diversify the existing business activities of the group.
In addition, it believes the deal, which includes manufacturing of intelligent automotive parking equipment and automotive device, would create synergy by utilizing the production capacity to the current shipbuilding production facilities of the group.