First Service Holdings (02107) announced that on January 31, 2024, the company was an indirect wholly-owned subsidiary of First Property...
Zhitong Finance App News, First Service Holdings (02107) announced that on January 31, 2024, the company's indirect wholly-owned subsidiary First Property Service (Beijing) Co., Ltd. plans to acquire 51% of the shares of Dalian World Airlines Construction Engineering Co., Ltd. from Liaoning Baiyitong Investment Holdings Co., Ltd. at zero cost and invest RMB 5.1 million in cash to the target company, accounting for 51% of the target company's registered capital.
Following the completion of the acquisition, the company will hold 51% of the target company's shares. The target company will be an indirect non-wholly-owned subsidiary of the company, and its financial results will be incorporated into the group's financial statements.
On January 31, 2024, the company signed a general construction maintenance service agreement with the target company. According to this, the group member companies will purchase construction maintenance services from the target group member companies, including construction, repair and maintenance services for houses, roads, parks, construction projects and landscape projects.
According to reports, the target company is mainly engaged in providing construction and related engineering services. Its services include steel structure engineering, decoration engineering, curtain wall construction, environmental protection engineering, landscape engineering, highway pavement engineering, construction engineering, etc.
The directors believe that the target company has a certain level of brand recognition and has accumulated rich experience in providing construction and related engineering services. Since the acquisition of 51% of the target company's shares will create a synergy effect between the target company and the company's existing business, and enhance the company's overall operating efficiency through comprehensive services, wider service supply and added value to customers, the acquisition will benefit the company.
The target company has developed rapidly in major cities in China, which is in line with the company's business scope. It will have a synergy effect with the company's existing property management projects in relevant regions. Following the completion of the acquisition, the company and target companies will integrate management models and further consolidate their respective positions in the Chinese property management market, thereby promoting the Group's diversified development in the Chinese property market.