Thursday, May 6, 2010

Pansoft acquires 55% equity stake in Shandong HongAo Power Technology

Pansoft Company Limited, the BVI-registered company providing software service and solutions for enterprise resource planning for the oil and gas industry in PRC, announced on April 26, 2010 that it has signed an agreement to acquire a 55 per cent equity stake in Shandong HongAo Power Technology Co., Ltd, for approximately US$2.6mln.

Shandong HongAo Power is an IT-based technology solution and service provider focused on energy-saving and pollution-reducing solutions for the thermal power generation industry in China. The company has approximately 40 customers in China, most of them are termal power plants in the Shandong Province, which is one of the largest thermal power generation bases in northern China. They have over seven proprietary solutions, including five software copyrights and five patents.

According to the Chairman of Board of Pansoft Company Limited, acquisition of HongAo Power's technology and service will expand company's current ERP solutions' market into the power generation industry. He said that the BVI company may further increase its ownership in Shandong HongAo Power. The company also expects to have additional acquisition projects in 2010.