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Global Lock Safety (International) Group Co Ltd Announces Acquisition of Yuxi City Global Lock Security Engineering Co., Ltd


Thursday, 21 Mar 2013 04:20am EDT 

Global Lock Safety (International) Group Co Ltd announced that it has acquired the remaining 50% interest in Yuxi City Global Lock Security Engineering Co., Ltd (Yuxi). Yuxi was established in November 2010 as a joint venture with three individuals and provides security solutions to retail stores in Yuxi City, Yunnan province. At incorporation Global Lock contributed 50% of the start up capital and has now agreed to purchase the remaining 50% for an aggregate of RMB500,000 (approximately GBP53,000) which is the same value that the original investment was made at. The shares have been purchased from Hualin Li (18%), ZiyuanLuo (16%) and XinyiKui (16%) and the purchase is being funded out of Global Lock's existing cash resources. 

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