LONDON (Dow Jones)–Origo Partners PLC (OPP.LN), said Monday that it has entered into an agreement to acquire a 49% stake in Shanghai EV-Tech Ltd.
-Under the terms of the transaction, Origo has agreed to provide initial funding of up to $550,000, subject to the achievement of certain operational and financial milestones.
-EV-Tech specializes in the sale and development of battery management systems and vehicle control units for the Electric Vehicle market.
-For the duration of three years, EV-Tech’s management team will have the option to buy 30% of Origo’s shareholding provided a minimum return of 15% annum, thereby potentially reducing Origo’s shareholding from 49% to 35 per cent in the Company.
-The proceeds of the financing will primarily be used to fund the completion of the Company’s pilot products and working capital.
-Origo shares in London opened up GBP0.01, or 1.20%, at GBP0.42, valuing the company at GBP127.69 million.
-By Razak Musah Baba, Dow Jones Newswires; 44-20-7842-9275; firstname.lastname@example.org