(MENAFNEditorial) HONG KONG, Dec 8, 2016-(ACN Newswire)-Evershine Group Holdings Limited (the "Evershine Group" or the "Company", stock code: 8022) is pleased to announce that, a wholly owned subsidiary of the Company has entered into a sales and purchase agreement with an independent third party. The proposed acquisition of the Purchase Shares represent 30% of the share capital of Boyraci Yapi Insaat ve Taahhut Gayrimenkul Yatirim Anonim Sirketi (the "Target Company").
The total consideration for the Proposed Acquisition is USD$5.78 million which shall be satisfied by the Company by procuring the Company to issue the Promissory Notes in the principal amount of USD$5.78 million in favor of the Vendor upon Closing.
The Target Company is a company incorporated in Turkey, which is specialized in elite urban transformation projects and earthquake resistant buildings. the Target Company has completed 3 projects in Turkey and 3 more projects to be completed in 2017. Turkey is the 18th largest economy in the world and is also one of the fastest growing economies in Europe. Turkey, as a hub of Asia, Africa and Europe, has advantage with prime location. The Turkey Government is keen on promoting foreign investment and benefited from the "One belt, One Road" strategy by the PRC government, as well as the continuing economic growth and the increase of the property value, we believe that the acquisition of the target company is thus having a huge potential.
As at January 2016, Turkey has population of more than 77 million. According to the Timetric Report, the Turkish construction industry will continue to grow from 2015 to 2019 with an average CAGR of 4.9%. The construction sector in Turkey will hit a total value of nearly USD$125 billion by 2020. The Investment Support and Promotion Agency of Turkey estimated that urban renewal and development project will create 6.5 million residences with total budget of USD$400 billion due to the growing population and urbanization in Turkey.
The Board concluded "We are committed to continuously exploring new and different investment opportunities in order to broaden its source of income. The Company was selected as a constituent stock of Morgan Stanley Capital International (the "MSCI") Hong Kong Micro Cap Index in November 2016, it is a recognition for the diversified strategy adopted by the management. We will continue to maintain stable development of our existing business and seize the investing opportunity offered by "One belt, One Road" and tap into the construction and property development business in Turkey, as well as proactively seeking for other investing opportunities to bring a greater return to our shareholders."
Evershine Group Holdings Limited
Evershine Group Holdings Limited is principally engaged in the provision of travel agent services, fashion garment trading, commodities trading, property investment, mobile application business and funeral business. The Group is committed to continuously exploring new and different investment opportunities and tap into the construction and property development business globally including Europe and Turkey in order to broaden its source of income.
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