Gold Peak's Member Companies Invest in TCL

February 03, 2002 by Jeff Shepard

Gold Peak Industries (Holdings) Ltd. (Hong Kong), an international industrial group specializing in batteries, announced that its two member companies, GP Batteries International Ltd. (Singapore) and Clipsal Industries (Holdings) Ltd. (Singapore), have entered into an agreement to acquire a six-percent interest in TCL Holdings Corp. Ltd. (TCL, Huizhou, China) from an independent third party.

GP Batteries and Clipsal Industries will each take up to a three-percent interest in TCL with the total cash consideration amounted to RMB 98,520,000. Completion of the acquisitions will take place subject to the approvals of TCL Group's shareholders and the relevant Chinese authorities.

“We believe this partnership will prove to be mutually beneficial by leveraging the strengths of both groups. There are a lot of synergies between Gold Peak and TCL in areas such as product technologies, manufacturing capabilities and distribution networks for China as well as global markets,” said Victor Lo, chairman and CEO of Gold Peak. “Gold Peak's business in Huizhou has been started since the mid 1980s and we believe this investment will further strengthen our position in our respective industries.”