GP Batteries Strengthens Distribution in China
Singapore, 26 February 1998 - Mainboard-listed GP Batteries International Limited ("GP Batteries") announces today that it has recently acquired 100% in Champion World Limited ("Champion World"), a BVI incorporated company from independent third parties to further strengthen its capability to distribute GP branded battery products in China. GP Batteries is the Battery Division of Hong Kong listed Gold Peak Group.
Champion World currently holds a 90% interest in Huizhou Chao Ba Batteries Co. Ltd, a joint venture company in China which is responsible for the distribution of battery products produced by GP Batteries Group. The remaining 10% is owned by a Chinese company which has an extensive distribution network in China.
Mr Richard Ku, Vice Chairman of GP Batteries and Managing Director of GPI International Limited, the sales and marketing arm of GP Batteries said, "The acquisition enables us to solidify our distribution capability in the China market and will no doubt further strengthen our market position in China."
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