Hi Sun Technology (HKG:0818) has agreed to acquire the remaining 20% interest in New Concept Services Limited for HK$96 million, increasing its shareholding in New Concept to 100%. The consideration will be satisfied by Hi Sun's internal resources.

On 13 January 2012, Hi Sun entered into S&P agreements with Rich Giant Investments Limited and Billion Rosy Limited, whereby Rich Giant and Billion Rosy agreed to sell 18% and 2% of the issued share capital of New Concept, respectively. Upon completion, New Concept will become a wholly-owned subsidiary of Hi Sun.

New Concept is principally engaged in the manufacturing and sales of electric power meters, data collection terminals and provision of information system consultancy services; and the research and development of low voltage power line carrier wave communication technology (PLC).

As the directors of Hi Sun are optimistic about the prospects of New Concept as the research and development of PLC has come to an advanced stage and as a result of the acquisition, Hi Sun will be able to obtain 100% control over the New Concept, which the directors consider to be beneficial to the future development and management of New Concept.