KBS Fashion Group Limited Announces a Letter of Intent for a Proposed 51% Acquisition of Hangzhou Siteng Network Technology Company Ltd.
KBS Fashion Group Limited (KBSF)
US:NASDAQ Investor Relations:
ir.kbsfashion.com
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Source: PR Newswire
SHISHI, China, Sept. 20, 2018 /PRNewswire/ -- KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China, announced that it has entered into a non-binding letter of intent to acquire 51% of Hangzhou Siteng Network Technology Company Ltd. ("Siteng"), an e-commerce services company based in China. KBS has agreed to acquire 51% of Siteng in cash; the consideration will be based on Siteng's value which will be determined by an independent appraisal firm acceptable to KBSF, Siteng, and Siteng's shareholders. The parties seek to complete the transaction no later than June 30, 2019.Headquartered in Hangzhou, Siteng is engaged in providing operational services to more than 100 companies in China including Amazon and Aliexpress. There are currently over 100 employees with the majority being well-trained cross-border e-commerce professionals. Siteng is led by seasoned executive members with many years of experience in e-commerc
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