RAS Technology Holdings (ASX:RTH) said that its wholly-owned unit Racing and Sports Asia acquired six Hong Kong-based racing publications and a data service for HK$20 million, according to a Tuesday Australian bourse filing.

The acquisition is expected to be earnings accretive within the first year.

The deal will funded via existing cash reserves and completion is expected in 45 days, subject to certain conditions.

It said that its revenues from Asia will increase to around 17% of total current revenue from 2% of total current revenue following the acquisition.

Its shares fell past 6% on market close on Tuesday.