Luen Cheong Tai unit to acquire Urban Edge for 4.4 mln hkd

HONG KONG (AFX-ASIA) - Luen Cheong Tai International Holdings Ltd unit MicTech International Corp said it has agreed to acquire Urban Edge Services Ltd from an independent third party, Ivan Wong, for 4.4 mln hkd.	    In a statement, it said the consideration includes 3.19 mln hkd for the acquisition of the entire issued shares of Urban Edge and 1.20 mln hkd for a debt owed by Urban Edge to Ivan Wong.	    The consideration will be settled by an allotment and issuance of 22 mln shares by Luen Cheong Tai at 0.2 hkd each procured by MicTech on completion of the acquisition, it said.	    The 22 mln shares represent about 5.6 pct of the enlarged issued share capital of Luen Cheong Tai, it said.	    Luen Cheong Tai is principally engaged in public and private sector construction work, while Urban Edge operates the web site supertender.com.	    The company believes the acquisition will enhance the operation of the group as an online marketplace for the construction industry in Hong Kong and China. 

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