Unity Enterprise (HKG:2195) agreed to acquire Newco Construction Engineering, a construction company, for HK$35 million, according to a Hong Kong filing Wednesday.
Shares of the repair and maintenance company rose 25% in recent Thursday trade.
The company will settle the HK$35 million via the issue of a HK$24.1 million promissory note and 281,904,762 shares priced HK$0.0385 each to the seller representing 16.67% of the business on an enlarged basis.
The acquisition is subject to shareholder approval and the company plans to call a meeting so investors can deliberate on the matter.
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