Global Lock Safety Group Co., Limited Acquires Yuxi City Global Lock Security Engineering Co., Ltd
Global Lock, the provider of security solutions to retailers and other organisations in China, is pleased to announce that it has acquired the remaining 50% interest in Yuxi City Global Lock Security Engineering Co., Ltd ("Yuxi").
Yuxi was established in November 2010 as a joint venture with three individuals and provides security solutions to retail stores in Yuxi City, Yunnan province. At incorporation Global Lock contributed 50% of the start up capital and has now agreed to purchase the remaining 50% for an aggregate of RMB500,000 (approximately £53,000) which is the same value that the original investment was made at. The shares have been purchased from Hualin Li (18%), ZiyuanLuo (16%) and XinyiKui (16%) and the purchase is being funded out of Global Lock's existing cash resources.
Yuxi is already consolidated in Global Lock's accounts as a result of deemed control since the Company has had control over the board of directors of Yuxi since incorporation.
Commenting on the changes, Li Mo Xiang, CEO, said: "We are pleased to have been able to conclude this purchase of the balance of the shareholding in Yuxi for the same price as the original investment. We see great potential in Yuxi City and believe that Yuxi will be able to make a positive contribution to Global Lock in the coming years."