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Plus Company Updates(PCU)
March 16, 2017 Thursday
285 words
GP BATTERIES INTERNATIONAL LIMITED: RELOCATION OF MANUFACTURING FACILITIES IN SHANGHAI, PRC; AND INCORPORATION OF A WHOLLY-OWNED SUBSIDIARY IN NINGBO, PRC
New York


Singapore: GP BATTERIES INTERNATIONAL LIMITED has issued the following press release:
The board of directors (the “Board”) of GP Batteries International Limited (the “Company” and

together with its subsidiaries, the “Group”) refers to the unaudited consolidated financial statements

of the Group for the third quarter ended 31 December 2016, as announced by the Company on 8

February 2017 (the “3Q2017 Results”).



As set out in the 3Q2017 Results, as part of the Group’s strategy of streamlining its operations by way

of a consolidation of the Group’s manufacturing facilities, the Company proposes to close and

relocate the manufacturing facilities of its wholly-owned subsidiary, Shanghai Bi Ba Batteries Co. Ltd

(“SHBB”), from Shanghai to Ningbo in the People’s Republic of China (the “Proposed Relocation”).

In connection with the Proposed Relocation, the Board wishes to announce that the Company has

incorporated a wholly-owned subsidiary, Ningbo Bi Ba Energy Ltd(“NBBB”),

in Ningbo, for the purposes of operating the relocated manufacturing facilities in Ningbo. The

registered capital of NBBB is US$5,000,000 and the principal activity of NBBB is similar as SHBB

which is the manufacturing of batteries. The Company intends to liquidate SHBB following the transfer

of SHBB’s assets to NBBB and the completion of the Proposed Relocation.

The above transactions are not expected to have any impact on the Group’s earnings per share and

net tangible assets per share for the current financial year ending 31 March 2017.

None of the Directors or controlling shareholders of the Company has any interest, direct or indirect

(other than through their shareholdings in the Company), in the above transactions.
March 17, 2017
      
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