On March 8, GLONGHUI International (02222.HK) announced that on March 8, 2024, the buyer (a wholly-owned subsidiary of the company) signed a share purchase agreement with the seller. According to this, the buyer agreed to buy and the seller agreed to sell the target shares (accounting for 40% of the total issued share capital of the target company NVC Lighting AB). The initial cost was about 582,000 US dollars. After the acquisition was completed, the target company became an indirect wholly-owned subsidiary of the company.
The target company is a limited liability company registered under Swedish law, mainly engaged in the sale and distribution of lighting products in the Nordic region.
The Group is mainly engaged in the design, development, production, promotion and sale of various lighting products. The Group continues to enhance its lighting business in the UK and Northern Europe through brand image development and centralized management. After the acquisition was completed, the target company became a wholly-owned subsidiary of the company, which will help improve the efficiency of the company's management decisions.