SinoCom Software announced plans to acquire the entire stake in Heroic Coronet Limited, a game designer and operator, for HKD260 million, which is about CNY210 million.
SinoCom Software will reportedly pay HKD200 million in cash; while for the remaining HKD60 million, the company will issue 75 million new shares at the price of HKD0.8 per share.
SinoCom Software said that they have been looking for acquisition opportunities which can improve long-term growth. To further develop and expand the group's business range and considering the potential of the mobile game industry, their board of directors believes this acquisition is in line with the overall interest of shareholders.
According to public files, Heroic Coronet is mainly engaged in the design, development and operation of mobile games and web games. SinoCom Software is a high-tech enterprise that provides outsourcing software development and technical service support.