Cape, the industrial services firm to the energy and mineral sectors, has made a play to enter the Hong Kong market through the purchase of Hong Kong Fuji Technology (HFT).
The 80% stake will cost Cape a maximum of £4.75m.
HFT is a provider of thermal insulation, painting, grit blasting and scaffolding services to the power industry in its domestic market. It is projected to turnover £7.13m in full year 2012.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Cape's Chief Executive, Martin May said: "This is a key step which provides a springboard for Cape's future expansion into Greater China."
So far during 2012 Cape shares have risen 42%.
BS
-
Families suffer £20,000 lost income growth – are you feeling the pinch?Average incomes for working age families have increased by just 7% in the past two decades, research suggests
-
How to achieve a secure retirement, as more retirees admit to struggling with debtTwenty-six percent of retirees now have unsecured debt – a sharp rise compared to two years ago – with many underestimating how much a typical retirement costs
