Elec-Tech Acquires Larger Share in NVC Lighting.
Home » LED Industry News » LED Panel Light News » Elec-Tech Acquires Larger Share in NVC Lighting.

Elec-Tech announced plans to purchase 6.76 percent in shares from Hong Kong listed NVC Lighting on April 22, 2014. This will bring the company’s total share to 27.10 percent, giving Elec-Tech greater influence over NVC Lighting.

Elec-Tech’s wholly owned subsidiary Elec-Tech International (H.K) signed a transfer of shares agreement on April 20, 2014 with NVC Inc, and former Chairman Wu Changjiang. After negotiation, the stock price dropped from the previous HK $2.95 per share to HK $2.34, bringing total stock sale price to HK $520 million (US $67 million). The total stock acquired will account for 27.10 percent of NVC Lighting stocks, and will make Elec-Tech one of the company’s biggest stockholders.

Back in early December 2012, Elec-Tech spent HK $703.5 million acquiring 260 million NVC Lighting shares, a total of 8.24 percent. Later on Dec. 26 in the same year, Wu transferred HK$372.9 million in shares to Elec-Tech, which amounts to 11.81 percent of the issued share capital of the company, according to a filing on the Hong Kong stock exchange. The agreement gives Elec-Tech right of first refusal.

On March 16, 2014, Elec-Tech announced that the company and NVC Lighting signed a “Distribution Agreement for Regional Operation Center 2014” with NVC Lighting’s 37 operation centers nationwide. Elec-Tech Chairman Wang Donglei was quoted as saying that the agreement through business exchange between the two companies, the agreement is beginning to show positive results. The companies anticipate enjoying a larger market share together as the LED lighting market flourishes.

Category: LED Industry News,LED Panel Light News   |   Tags:
Chat with us using:       

Other Items in this category

Epistar and FOREPI Complete Official Merge

GE Lighting and Pont de Louysse: Improving the Gastronomic Experience with Light

Japan’s New Technology Upgrades OLED Panels Resolution to 500 ppi

GE Lighting Prescribes LED Lighting Solution for Davao Medical School Foundation

San Francisco Int’l Airport Transforms Terminal with MaxLite Lighting Fixtures

Philips Luminous Textile Installation Enriches the Reception of Iconic Building in London

Lucibel Becomes a Lighting Supplier for PSA PEUGEOT CITROËN Group Car Showrooms

Osram Lights Up Sao Paulo Stadium for World Cup 2014 in Brazil