China Energy Storage to Acquire Circuit Development in HK$20.8 Million Deal++++

MT Newswires Live

09/18

China Energy Storage Technology Development (HKG:1143) said it agreed to acquire Circuit Development for HK$20.8 million, according to a Hong Kong bourse filing Wednesday.

Shares of the electronic manufacturing services provider fell over 2% in midday trade Thursday.

The consideration to be paid includes Circuit Development's sale debt and the acquisition is subject to the fulfillment of certain conditions by Sept. 30.

Circuit Development is the holder of a property in Hong Kong's New Territories where China Energy has an office.

China Energy said it was more beneficial to acquire the property it was already situated in when accounting for rising rentals.

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