Retech to acquire 80% of Shanghai Pantosoft Co Ltd

  • Jan 23, 2020 AEDT
  • Team Kalkine

Retech Technology Co. Limited (ASX:RTE), a leading Chinese e-Learning technology provider, announced that the its wholly owned subsidiary, Retech Holdings Co. has signed agreement to acquire 100 per cent of the issued share capital in Pantosoft International Limited, the holding company of 80 per cent of the issued share capital in Shanghai Pantosoft Co.Limited.

The 80 per cent acquisition will cost RMB 76 million ($16.1 million) with some of company’s cash holdings. Shanghai Pantosoft Limited brings experience and brand recognition in designing and selling software with a market presence in key new verticals for the company.

The company is currently in negotiations with the remaining shareholder of Shanghai Pantosoft to acquire the balance 20% of Shanghai Pantosoft through Shanghai Retech Digital Technology Co Ltd.

 

 

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