Financial News
Written by: Lin Leqian
2020-05-04 17:25
Date of last update: 2020-05-04 17:38Pearl River Shipping (0560) announced that it has acquired approximately 60% equity of New World First Ferry from NWS (0659) at a price of 233 million yuan. Upon completion of the transaction, New Ferry will become a direct non-wholly owned subsidiary of Pearl River Shipping .
Pearl River Shipping pointed out that the new ferry operates inland and outlying ferry routes in Hong Kong and has perfect operations. Its business can further supplement the existing business of the group and enhance its competitiveness in passenger transport business. Yi Ferry's business development and prospects, historical financial performance and existing brand reputation, as well as independent professional valuers using market methods to determine the fair value of the target company does not exceed 418 million yuan.
As of June 30 last year, the net profit of the new ferry before tax was 30.328 million yuan, compared with 41.522 million yuan in the same period of 2018, with a net asset value of 101.5 million yuan audited.
New Ferry: New shareholders promise to maintain the original staff structure
The new ferry responded that in order to ensure the company's daily operations are stable, the shareholders of both parties have promised to maintain the original management and personnel structure of the new ferry, without layoffs, salary reductions, and increased transportation benefits; new shareholders also plan to invest resources Talent to ensure the stability of the company's business and workforce, there is more room for development in the future.
The company also pointed out that the current licenses for the five ferry routes will expire at the end of March next year. Before the license deadline, the new ferries will not increase their prices and will continue to provide reliable and comfortable ferry services to the public in accordance with the terms of the government ’s license. It can bring more new opportunities and greater help to the company and colleagues, and jointly improve the environmental protection, safety and service standards of the ferry business.
NWS Holdings stated that it had adjusted its development strategy since the beginning of last year and continued to optimize its business. It is believed that this cooperation will help improve the service level of the new ferry.
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