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2007-2-14 12:25:00 p.m. HKT, XFNA
Hong Kong-listed Hi Sun to acquire Baifu Hualong for 300.65 mln yuan
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HONG KONG (XFN-ASIA) - Hi Sun Technology (China) Ltd said it will acquire
Baifu Hualong, provider of electronic power meters and power automation
systems, for 300.65 mln yuan.
The company said in a statement it will pay 200.65 mln hkd in cash and
company shares worth 100 mln yuan for the acquisition.
The shares, issued at 2.73 hkd each, represent a premium of 6.98 pct over
the closing price of Hi Sun stock of 2.55 hkd at its last trade on Monday
before its suspension.
The company said it believes the acquisition will strengthen its revenue
base.
""The directors believe that demand for power meters and solutions will
experience significant growth given the booming China economy,"" it said.
As of 12.14 pm, Hi Sun was up 0.21 hkd or 8.24 pct at 2.76.
(1 usd = 7.8 hkd)
leonora.walet@xfn.com
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