Vantage Intl to acquire 48.55 pct stake in Excel Engineering, Gadelly

HONG KONG (AFX-ASIA) - Vantage International (Holdings) Ltd said it has agreed to acquire a 48.55 pct stake in each of Excel Engineering Co Ltd and Gadelly Construction Co Ltd for 28.48 mln hkd. At present, Vantage owns a 51.45 pct stake in both Excel and Gadelly. They will become wholly-owned subsidiaries of Vantage after the acquisition. The sellers in the transaction include N Shek, Li Chi Pong, an unnamed independent party and Guideshare Investments Ltd, which is effectively owned by Shek Yuen Ling. Shek Yuen Ling is the sister of Joseph Shek, an executive director of Vantage. As consideration, the sellers will receive 16.0 mln shares in Vantage International at 1.78 hkd each. Currently, they jointly hold a 1.01 pct stake in the company, Vantage said. On completion of the deal, their equity interest in Vantage will increase to 10.01 pct, the statement said. Vantage International is engaged in the construction business in Hong Kong. The transaction is expected to help strengthen its civil engineering services, the company said. Vantage International last traded at 1.78 hkd.

Related stock : (NIL)