For Immediate Release
(Stock Code: 559)
Completes Acquisition of Emission Particle Solution Sweden AB
DeTai makes strategic strides in New Energy & Environment Sector
(Hong Kong, 22 December 2016) – DeTai New Energy Group Limited (“DeTai New Energy Group” or the “Company”, together with its subsidiaries, the “Group”) (stock code: 559.HK) announced the Group has completed the acquisition of the entire share capital of Emission Particle Solution Sweden AB (“EPS”).
The Group acquired the entire share capital of EPS at a maximum consideration of SEK239,000,000 (equivalent to approximately HK$201,094,600). At completion, the Company paid a sum of SEK101,200,000 (equivalent to approximately HK$85,149,680). As to the remaining maximum balance of SEK137,800,000 (equivalent to approximately HK$115,944,920) subject to post completion adjustment mechanism, will depend on the earning capacity of EPS from 1 January to 31 December 2017. Upon completion, EPS became an indirect wholly-owned subsidiary of DeTai New Energy Group.
Emission Particle Solution Sweden AB is a Swedish company principally engaged in the development, manufacturing and distribution of a fuel additive product named EuroAd. EuroAd is a vegetable additive that can separate molecular chains existing in both fossil and bio fuels and facilitate the oxidation of the fuels during the combustion process. It also serves as a detergent which cleans the combustion chambers, intakes channels, spreaders and injectors from soot, bacteria and algae. The competitive advantages of EuroAd are reduction of particle emission and improvement to fuel consumption and maintenance of engines. Emission Particle Solution Sweden AB sells and distributes it to customers over the world.
Mr. Wong Hin Shek, Chairman of the Group commented, “Meeting the goals of carbon reduction set out in China’s 13th Five Year Plan is a national environmental imperative, also it is an unmissable economic opportunity.” Commenting on this acquisition, Mr. Wong added, “EuroAd is a totally biodegradable fuel additive that acts as a catalyst to achieve fuel efficiency and cost savings. EPS has a strong global sales and distribution network, going forward, DeTai New Energy is going to strengthen sales force focusing in high-growth markets of China, India and the Middle East.”
*According Bloomberg, the average exchange rate for December 2016 up to today is SEK 1= HKD0.8414.
About DeTai New Energy Group Limited
DeTai New Energy Group Limited (stock code: 559.HK) is committed to developing a business diversification strategy, and is principally engaged in new energy business, hotel hospitality business, property investment, electric cycle business, liquor and wine business, investments in listed securities, and provision of money lending business. DeTai New Energy Group Limited will continue to seize growth opportunities to enhance competitiveness with focus to expand its new energy segment.
Issued by PR ASIA Consultants Limited on behalf of DeTai New Energy Group Limited.
For enquiries, please contact PR ASIA Consultants Limited:
Ms. Sharyn Lau / Ms. Janice Wong
Tel: (852) 3183 0266/ 3183 0245
Fax: (852) 2583 9138