Build King to Buy Four Paul Y. Construction Units for Up to HK$100 Million
Build King (HKG:0240) agreed to acquire about 100% interests in four construction companies from the Paul Y. group for an aggregate maximum consideration of HK$100 million, according to a joint filing with Wai Kee (HKG:0610).The targets, Paul Y. Construction Company, Paul Y. General Contractors, Paul Y. Construction & Engineering and Paul Y. (E&M) Contractors, are currently in provisional liquidation.The acquisition is subject to the fulfillment or waiver of conditions precedent, including court-approved restructuring schemes.Upon completion, they will retain their construction licenses and certain "Paul Y." trademarks before becoming Build King subsidiaries.Build King said the acquisition will expand its construction licenses and strengthen its ability to bid for public-sector projects.
