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Fountain sews thread cos Goldlink & Goldfolk in its fold

22
Jul '05
Global leader in manufacturing of knitted fabrics, Fountain Set (Holdings) Limited announced that the Group has fully acquired sewing threads business subsidiaries Goldlink Thread Limited and Goldfolk Limited.

“Full ownership of our sewing threads business will enable us to fully leverage the strengths and resources of the Group, and further enhance the quality of service to existing and future customers,” said Mr HA Chung Fong, Chairman and Managing Director of Fountain Set (Holdings) Limited. “I am certain that great synergy will be achieved among our different subsidiaries, especially since our fabric side's client base would be in a position to use Goldlink's sewing threads.”

The Group entered into a sale and purchase agreement with Mr CHOW Pong Sing, previously a director of Goldlink, Goldfolk and Dongguan Goldlink Thread Factory, Co., Ltd (“Dongguan Goldlink”) and shareholder of Goldlink and Goldfolk. Pursuant to the agreement, the Group agreed to acquire 2,000,000 shares of Goldlink (representing 40 percent of its total issued and paid up share capital) and 4,000 shares of Goldfolk (representing 40 percent of its total issued and paid up share capital) respectively from Mr. CHOW.

The acquisition was completed by the payment of HK$9,000,000 in cash, on July 20, 2005 and the Group now owns the entire equity interest of both Goldlink and Goldfolk. Goldlink and Goldfolk were incorporated in Hong Kong in 1989 and 1997 respectively and were non-wholly owned subsidiaries of Fountain Set before the acquisition.


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