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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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%.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.