Singapore-Listed GP Batteries Invests in Vietnam

GP Batteries International Limited, listed in Singapore and a major associate of Gold Peak Industries (Holdings) Limited (stock code: 40), had entered into a conditional subscription agreement with Hanoi Battery Joint Stock Co ("Habaco") to subscribe for 30% of its share capital for a consideration of VND 29.5 billion (equivalent to S$1.94 million). Upon completion of the subscription, Habaco will become an associate of GP Batteries.

Habaco is incorporated in Vietnam with 50 years of history and is principally engaged in the manufacture and marketing of batteries. Its brand "RABBIT" is a major battery brand in Vietnam.

Pursuant to the agreement, GP Batteries will be the sole and exclusive distributor of Habaco's products outside Vietnam except for the markets of Laos and Cambodia, and Habaco will become the sole and exclusive distributor of GP Batteries' products in Vietnam.

"GP Batteries is well poised to enter the rapidly growing Vietnamese market. We are confident that the synergies of this strategic alliance will take all partners to a new height," said Andrew Ng, Chairman and Chief Executive of GP Batteries. Ng is also Vice Chairman of Gold Peak.

Completion of the subscription of shares of Habaco is conditional on, inter alia, the approvals of Habaco's shareholders and relevant authorities in Vietnam.

Source: Gold Peak Industries (Holdings) Limited