Cape eyeing China entry with acquistion

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.

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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%.

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