Announcement Title | Change - Change in Corporate Information |
Date & Time of Broadcast | 14-Mar-2017 17:24:10 |
Status | New |
Announcement Sub Title | RELOCATION OF MANUFACTURING FACILITIES IN SHANGHAI AND INCORPORATION OF A SUBSIDIARY IN NINGBO |
Announcement Reference | SG170314OTHRYIXX |
Submitted By (Co./ Ind. Name) | Kelly Kiar Lee Noi |
Designation | Company Secretary |
Description (Please provide a detailed description of the event in the box below) | Please refer to the attachment. |
Existing | New |
Singapore |
(Incorporated in the Republic of Singapore) Company Registration No. 199002111N
ANNOUNCEMENT RELOCATION OF MANUFACTURING FACILITIES IN SHANGHAI, PRC; AND INCORPORATION OF A WHOLLY-OWNED SUBSIDIARY IN NINGBO, PRCThe board of directors (the "Board") of GP Batteries International Limited (the "Company" and together with its subsidiaries, the "Group") refers to the unaudited consolidated financial statements of the Group for the third quarter ended 31 December 2016, as announced by the Company on 8
宁波必霸能源有限公司
February 2017 (the "3Q2017 Results").
As set out in the 3Q2017 Results, as part of the Group's strategy of streamlining its operations by way of a consolidation of the Group's manufacturing facilities, the Company proposes to close and relocate the manufacturing facilities of its wholly-owned subsidiary, Shanghai Bi Ba Batteries Co. Ltd ("SHBB"), from Shanghai to Ningbo in the People's Republic of China (the "Proposed Relocation").
In connection with the Proposed Relocation, the Board wishes to announce that the Company has
incorporated a wholly-owned subsidiary, Ningbo Bi Ba Energy Ltd (
) ("NBBB"),
in Ningbo, for the purposes of operating the relocated manufacturing facilities in Ningbo. The registered capital of NBBB is US$5,000,000 and the principal activity of NBBB is similar as SHBB which is the manufacturing of batteries. The Company intends to liquidate SHBB following the transfer of SHBB's assets to NBBB and the completion of the Proposed Relocation.
The above transactions are not expected to have any impact on the Group's earnings per share and net tangible assets per share for the current financial year ending 31 March 2017.
None of the Directors or controlling shareholders of the Company has any interest, direct or indirect (other than through their shareholdings in the Company), in the above transactions.
By Order of the Board
Kelly Kiar Lee Noi Company Secretary
14 March 2017, Singapore
GP Batteries International Ltd. published this content on 14 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 March 2017 12:58:02 UTC.
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