Fuqi Acquires 2 Chinese Jewelry Cos.
\nCNNMoney.com<\/p>\n
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Fuqi International to Acquire 2 Chinese Jewelry Companies for About $18.5 Million
\nJanuary 17, 2008: 02:11 PM EST<\/p>\n
NEW YORK (Associated Press) – Fuqi International Inc., a Chinese jewelry maker, said Thursday it agreed to buy two jewelry companies, Shanghai Tian Mei Jewelry Co. Ltd. and Beijing Yinzhong Tian Mei Jewelry Co. Ltd., both also in China.<\/p>\n
Fuqi will pay 135 million yuan ($18.5 million) to the current owner, Chujian Huang.
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About $9.5 million consideration will be paid in cash and the remaining amount will be paid in restricted common stock.<\/p>\n
The number of Fuqi shares included depends on the companies achieving some performance targets over a three-year period.<\/p>\n
The deal is expected to close by the end of the first quarter of fiscal 2008.<\/p>\n
Fuqi said the deal allows it to expand its retail presence. It reaffirmed its fourth-quarter guidance of earnings between 14 cents and 18 cents per share on revenue of about $43 million.<\/p>\n
Shares rose 6 cents to $8.56 during afternoon trading. <\/p>\n","protected":false},"excerpt":{"rendered":"
Fuqi Acquires 2 Chinese Jewelry Cos. CNNMoney.com Fuqi International to Acquire 2 Chinese Jewelry Companies for About $18.5 Million January 17, 2008: 02:11 PM EST NEW YORK (Associated Press) – Fuqi International Inc., a Chinese jewelry maker, said Thursday it agreed to buy two jewelry companies, Shanghai Tian Mei Jewelry Co. Ltd. and Beijing Yinzhong […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[411],"tags":[],"yoast_head":"\n