Hengtong Optic-electric Co., Ltd. (600487.SH) announced last Friday evening that a wholly-owned company of it, Hengtong Optic-electric International, planned to purchase Indonesia-based PT Voksel Electric Tbk (Voksel) for about 156 million yuan and become the largest shareholder of the Indonesian company. Hengtong Optic-electric International is to buy 250 million shares in Voksel for 1,250 rupiah per share, the shares account for 30.08 percent stake in Voksel and value some 312.5 billion rupiah, or 156 million yuan.
Hengtong Optic-electric said Voksel is the largest comprehensive cable company in Indonesia and the two sides will launch all-around cooperation and integration in overseas market and technical research under the guidance of China's 'Belt and Road' initiative. The A-share listed company also said that Vokesel has enough orders to ensure business growth in the future.
In addition, Hengtong Optic-electric will nurture and enhance the capacity of Vokesel in researching, developing and manufacturing optical fibers and cables, marine cables, extra-high voltage cables, special conducting wires, and optical devices, in a bid to build the Indonesian company into an important R&D and production base providing products for the Southeast Asia and Middle East regions.
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