Another milestone of China Leon's overseas expansion
(8 May 2019, Hong Kong) China Leon Inspection Holding Limited (“China Leon” or the “Company”; Stock code: 1586.HK) is pleased to announce that Leon Overseas Pte. Ltd., a subsidiary of the Company, entered into a sale and purchase agreement with Saybolt Holding BV, the vendor, for the purchase of the entire issued share capital of Saybolt (Singapore) Pte Ltd., the target company, at the consideration of US$3,750,000 (equivalent to approximately HK$29,396,250). The consideration will be paid in cash and the transaction will be completed on 15 May 2019 (or such other date to be agreed by the parties in writing). Upon the completion of the transaction, the target company will become a subsidiary of China Leon and its financial results will be consolidated into the accounts of China Leon.
Saybolt Holding BV, the vendor, is a company incorporated in the Netherlands and is principally engaged in inspection, testing, blending, training and consultancy services in relation to crude oil, biofuel, petroleum, petro-chemical and gas products. The Saybolt brand was established in 1898, and their clients and partners include major oil companies, chemical industries, traders, shippers, buyers and insurance interests. It is also specialised in representing governmental institutions and international organizations, such as the European Union and the United Nations and their specialized agencies and programs. Saybolt (Singapore) Pte Ltd. is a company incorporated in the Republic of Singapore and is principally engaged in technical testing and analysis services (including certification of products and services) for laboratory testing and inspection of bulk cargoes of oil, gas, chemicals and bunkers.
Mr. Yang Rongbing, Executive Director and Vice chairman of China Leon stated: “The acquisition is in line with the Group’s business growth and expansion strategies. In 2018, the Group entered into a contract with the vendor to acquire 100% interest of Saybolt (Tianjin) Metrology & Inspection Co., Ltd. and Leon Overseas (Hong Kong) Limited. The acquisition serves as a good opportunity for the Group to introduce its laboratory testing and inspection service of bulk cargoes of oil, gas, chemicals and bunkers to Singapore, Malaysia, Indonesia and the surrounding regions. It could also bring a synergy to the Group’s related business divisions in reducing costs and expand the service network for the Group’s global customers. This transaction marks the Group’s major milestone in globalization and diversification and will allow the Group to successfully venture into the petroleum business in the Greater China Region. We believe the transaction will generate lucrative return for investors.”
About China Leon Inspection Holding Limited
China Leon Inspection Holding Limited (“China Leon”), headquartered in Beijing, is an international third-party independent inspection and testing service provider listed on the Main Board of the Stock Exchange of Hong Kong (stock code: 1586) and the first PRC third-party inspection and testing service provider listed in Hong Kong. China Leon is committed to providing world-class inspection, measurement, certification, testing and volumetric measurement services through strict and professional standards, standardized and unified processes and industry-leading technical equipment.
For further information, please contact:
China Leon Inspection Holding Limited.
MA SONGYUAN
Tel:（852）2791 8228
Fax:（852）2764 5738