Expects a Gain of Approximately HK$148,700,000 in the First Half of the Current Financial Year
Hong Kong, Sept 24, 2014 - (ACN Newswire) - SUGA International Holdings Limited ("SUGA" / the "Group") (stock code: 912), a leading electronic manufacturing services ("EMS") provider, has announced that it has completed the disposal of an industrial land parcel in Buji, Shenzhen, the PRC.
The consideration of the disposal is RMB138,000,000 (equivalent to approximately HK$173,880,000). Taking into account the total amount of the consideration, the Group is expected to record a gain of approximately RMB118,000,000 (equivalent to approximately HK$148,700,000). The actual gain is subject to audit. The expenses incurred and to be incurred in connection with the relocation of the Group's production facilities at Buji and Xixiang, Shenzhen to its newly constructed production base in Dongguan, the PRC ("relocation expenses") are estimated to be approximately RMB26,000,000 (equivalent to approximately HK$32,800,000). Relocation expenses mainly comprise the expenses related to dismissal of employees at its Shenzhen production facilities.
Dr C H Ng, Chairman of SUGA, said, "Our new production facility in Dongguan commencing full operation in August 2014 has integrated our original production facilities in Buji and Xixiang, enhancing SUGA's overall operational efficiency. The Group is further promoting modernisation and automation of production facilities and improving the technology of our production in order to achieve long-term growth. The gain from the completion of the disposal is expected to be booked in the accounts of the first half of this financial year and provide more capital for business development. Our management team is highly confident about the long-term prospects of SUGA and its continuation to generate better returns to our shareholders."
About SUGA
SUGA is an Asian-based electronic manufacturing services (EMS) provider, and was listed on the Hong Kong Stock Exchange in September 2002. SUGA engages mainly in the research and development, manufacture and sale of electronic products, including pet training devices, professional audio equipment, interactive educational products, Wi-Fi and RF products, telecommunication products and consumer electronic products, etc. SUGA has obtained green certification including ISO14001, QC 080000, RoHS & WEEE Compliance, GPMS and Green mark certificates. From R&D to logistics arrangements, SUGA provides customers with a total and proactive solution. Currently, SUGA has many well-known customers spread across the US, Japan and Europe. The Group was also named the "Best Small-Cap" in Hong Kong by FinanceAsia's Best Managed Companies Poll for three consecutive years in 2009, 2010 and 2011. For more information, please access SUGA's website: www.suga.com.hk
Source: SUGA
Contact:
Strategic Financial Relations Limited Iris Lee +852 2864 4829 iris.lee@sprg.com.hk Keris Leung +852 2864 4863 keris.leung@sprg.com.hk
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