WE buying HK-based electronics distributor Everbest

WE Holdings, the electronics distributor that is exploring Myanmar cement and resources opportunities, is acquiring Hong Kong-based electronics distributor Everbest Industrial (International) for US$7.4 million.

The purchase will be paid for entirely in stock. WE Holdings will issue vendor Lin Zhijiong 287.6 million new ordinary shares (about 14.12 per cent of the enlarged capital) at 2.57 US cents (3.18 Singapore cents) a share. Mr Lin, a Chinese citizen, was a former accountant with Bank of China who founded Everbest in 2005.

WE Holdings said late Tuesday night that the proposed acquisition was in line with its intention to expand its electronic and system business to achieve economies of scale and broaden its revenue stream.