Pressfit Holdings PLC Purchase Order from AMCO Group (7355T)
08 Octubre 2014 - 1:29AM
UK Regulatory
TIDMPFIT
RNS Number : 7355T
Pressfit Holdings PLC
08 October 2014
8 October 2014
Pressfit Holdings plc
("Pressfit Holdings", the "Company" or the "Pressfit Group")
Purchase Order from AMCO Group
Pressfit Holdings plc (AIM: PFIT), a manufacturer and
distributor of stainless and carbon steel pipe connectors,
announces that the Company has accepted an order of US$46,147
(approximately GBP29,000) for 24,501 pressfittings (the "Order")
from AMCO ENGINEERING (H.K.) Co., Ltd. ("AMCO Engineering").
The Order is a 'non-manufactured order', whereby Pressfit
Holdings will use its administrative and logistical infrastructure
to export pressfittings which have been manufactured by domestic
third party manufacturers.
Pressfit Holdings' Director and substantial shareholder, Ng Siu
Wai ("Eric Ng"), has a 70% holding in AMCO Engineering. AMCO
Engineering is a member of the group of companies which are defined
in the Company's admission document dated 28 July 2014 as the "AMCO
Group". The AMCO Group is a group of international companies
engaged in the research, manufacture and distribution of stainless
steel, carbon steel and copper pressfittings, in respect of which
Eric Ng is directly or indirectly a shareholder and/or a director
and/or has an ongoing business relationship.
Eric Ng is a Director of Pressfit Holdings and is also an
indirect major shareholder in Pressfit Holdings, by virtue of him
being the sole shareholder and director of GXM (AMCOPRESS) GROUP
CO., LIMITED, which owns 27.99% of the issued ordinary share
capital of the Company. AMCO Engineering is deemed to be related
party of the Company, due to Eric Ng's 70% holding in this
company.
The acceptance of the Order constitutes a related party
transaction for the purposes of Rule 13 of the AIM Rules for
Companies (the "AIM Rules") and is required to be announced under
the AIM Rules. The Company's Board members who are not involved in
the transaction and are therefore independent consider, having
consulted with, the Company's nominated adviser, Daniel Stewart
& Company Plc, that the terms of the transaction are fair and
reasonable insofar as its shareholders are concerned.
As referenced in the Company's interim results for the six
months ended 30 June 2014, which were announced on 30 September
2014, the Company continues to work to increase revenues, sales
leads and new client interest, particularly with its partner
companies and distributors.
Enquiries:
Pressfit Holdings plc
Chiu Yung Kit (Henry Chiu) +852 2207 0235
Daniel Stewart & Company Plc (Nominated Adviser)
Paul Shackleton / Alex Brearley +44 (0) 207 776 6550
Daniel Stewart & Company Plc (Broker)
Martin Lampshire +44 (0) 207 776 6550
First City Public Relations
Allan Piper +852 2854 2666
About Pressfit Holdings plc.
Pressfit Holdings is engaged in the manufacture and distribution
of stainless and carbon steel pressfittings for use within
industrial and residential piping systems. Pressfitting is a method
of mechanically joining metal pipes to a connector, to create a
reliable sealed joint. Pressfit Holdings, through its wholly-owned
subsidiaries (collectively the "Group"), uses bespoke tooling to
manufacture high-precision, thin-walled pipe connectors for supply
to the European, Asian and Chinese markets. The Group's management
and sales functions operate from Hong Kong. The Group's
manufacturing unit is a production line facility in nearby Zhuhai,
within Guangdong province in China.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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