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2007-4-12 10:55:00 a.m. HKT, XFNA
Hong Kong-listed Wasion Meters to buy Sinowise Industries for up to 210 mln
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yuan
HONG KONG (XFN-ASIA) - Wasion Meters Group Ltd said its unit Oceanbase
Group Ltd has entered into an agreement to acquire the entire interest in
Sinowise Industries Ltd for up to 210 mln yuan.
Sinowise operates a unit engaged principally in the production and sale of
single-phase electronic power meters.
Wasion said the acquisition will enable the group ""to enlarge its turnover
and profit in view of the increase in demand for single-phase electronic
power meters"" both in the mainland and in overseas markets.
Wasion, which is currently engaged in the development, manufacture and
sale of electronic power meters and data collection terminals, currently has
limited sales overseas, it said.
The company believes that demand for electronic single-phase power meters
will continue to increase and that the acquisition will enable Wasion to
expand its sales, Wasion's executive director Cao Zhao Hui said in a
statement.
(1 usd = 7.72 yuan)
jun.concepcion@xfn.com
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