China Fire & Security Group plans to acquire security assets in Australia and Thailand for more than $A150 million, according to reports out of Singapore.
According to Reuters, China Fire & Security, which sells security products, plans to spend $157.5 million ($US120.3 million) to purchase security-related assets owned by Securecorp Australia Pty Ltd and eWitness Nominees Pty Ltd, and made a filing to the Shanghai stock exchange on Friday.
SecureCorp was founded 20 years ago and has 3500 employees across Australia. The company has a service-focused business model around its $A10 million National Operations Centre. SecureCorp offers integrated services, protective services, alarm monitoring, electronics and access control installation, as well as handling patrols and event security. There's no confirmation on what parts of the business might be involved in the reported acquisition.
Meanwhile, eWitness may be the manufacturer of headcam units based in Victoria, but detail about this organisation is sparse.
In further developments, China Fire & Security’s Hong Kong subsidiary will purchase Impact Success Limited and United Premier International Limited in Thailand for 1.3 billion Thai baht ($US37.3 million).
The acquisition will indirectly allow China Fire & Security to own stakes in Guardforce Security Services (Thailand) Co Ltd, Guardforce Aviation Services Co Ltd, Guardforce Aviation Security Services Co Ltd and Guardforce Holdings (Thailand) Ltd.
China Fire & Security plans to raise up to 5 billion yuan ($770 million) in a private placement of shares to help fund the acquisitions, it said in a separate filing.♦