Pan Asia Environmental Protection Group to Acquire Majority Stake in Caterer

MT Newswires Live

02/09

Pan Asia Environmental Protection Group (HKG:0556) said it agreed to acquire 51% of Xilailu Brand Management (Guangzhou), a catering and beverage retail business, according to a Hong Kong bourse filing Sunday.

Shares of the environmental protection equipment maker gained over 8% at market open Monday.

The firm will pay 1 yuan for the purchase, and has committed to a further 5.1 million yuan capital injection after the acquisition.

Pan Asia Environmental Protection Group said the acquisition will help diversify its business.

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