Bonso Electronics Announces Signing of a Letter of Intent on Reconstruction of the Shenzhen Factory
July 25 2017 - 7:10AM
Bonso Electronics International, Inc. (Nasdaq:BNSO), announced
today that the company has signed a letter of intent with Shenzhen
Fangda Property Development Company Limited (hereafter “Fangda”) to
cooperate in reconstructing the existing Shenzhen factory of Bonso
into a high-rise industrial and commercial complex. Fangda is a
wholly owned subsidiary of Fangda Group Co., Ltd. (“Fangda Group”),
which is listed on the Shenzhen Stock Exchange.
Under the terms of the letter of intent, Fangda will be
responsible for applying for necessary government approvals and for
financing and handling the redevelopment project. Both
companies will share the redeveloped property after
reconstruction/redevelopment is completed with Bonso holding a 45%
interest in the total floor area. Entering into a definitive
agreement is subject to completion of due diligence by Fangda and
the negotiation and agreement between Bonso and Fangda on the
detailed terms of the definitive agreement. The companies expect to
reach a definitive agreement within the next three months.
If an agreement is reached, the redevelopment will start in
mid-2019 and the reconstruction is expected to be finished by
2021.
Anthony So, Chief Executive Officer of Bonso said, “Fangda is a
reputable developer in Shenzhen and has direct experience in
redevelopment of a substantial project that is very similar to our
project. We are very pleased to have entered into this letter of
intent, and we believe that Fangda is exactly the type of partner
to help move this project forward and to bring it to a successful
conclusion for the benefit of our shareholders.”
About Bonso Electronics
Bonso Electronics designs, develops, manufactures, assembles and
markets a comprehensive line of electronic scales, weighing
instruments, and health care products. Bonso products are
manufactured in the People's Republic of China for customers
primarily located in North America and Europe. Company services
include product design and prototyping, production tooling,
procurement of components, total quality management, and
just-in-time delivery. Bonso also independently designs and
develops electronic products for private label markets. For further
information, visit the company's web site at
http://www.bonso.com.
For more information please contact:
Albert So
Chief Financial Officer and Secretary
Tel: 852 2605 5822
Fax: 852 2691 1724
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