Sunday, February 24, 2008

BVI-based A-Power is planning to acquire Liaoning International Construction & Engineering Group

BVI-registered company A-Power Energy Generation Systems, Ltd. has announced a week ago that it has entered into an agreement in order to acquire Liaoning International Construction and Engineering Group (LICEG), - one of China's leading construction and engineering companies.

Liaoning International Group was incorporated under the Construction Commission of the Liaoning Province, and is one of a limited number of construction and engineering companies in China having Class-A license that permits it to undertake international power and infrastructure projects, and construct various power systems, energy and infrastructure projects of any size in the country.

BVI-domiciled A-Power is the owner of a Class-B construction license, and it must work with Class-A companies to complete the construction of its distributed power generation systems over 25 MW in size.

Since being incorporated in 1993, LICEG has completed a large number of projects not only in China, but in Africa, Eastern Europe and the Asian Pacific region. In the latest fiscal year for which audited financials are available (2006), company's recorded revenue made approximately US$70 million, and net income was about US$2.3 million.