New Shenzhen is purchased by LED International for HK$5.5 mln cash and shares

Recently, LED International Holdings Ltd. said it is buying New Shenzhen, a Chinese LED products maker, for HK$5.5 million cash and shares. That is that it will pay HK$3.0 million cash over three years and issue 16 million new shares.

New Shenzhen made an aftertax profit of 70,000 pounds on sales of 652,000 pounds in 2007 and is trading in line with management expectations in the current year LED, LED International said the purchase will broaden its product offering and give it access to new intellectual property.

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