Hong Kong, Sept 2, 2014 - (ACN Newswire) - Freetech Road Recycling Technology (Holdings) Limited ("Freetech", or the "Group;" stock code: 6888), a leading service provider in the asphalt pavement maintenance ("APM") industry using "Hot-in-Place" recycling technology, today announced the increase of the shareholding of Freetech (Cayman) Ltd., a company beneficially owned by Mr. Sze Wai Pan ("Mr. Sze"), the controlling shareholder, the Chairman, the Chief Executive Officer and an Executive Director of the Group.
Freetech (Cayman) Ltd. has acquired in total an additional 3,000,000 ordinary shares of the Group on the secondary market at an average consideration per share of HK$1.6482 on 1 September 2014 and 2 September 2014. After the acquisition, Mr. Sze together with his beneficial owned companies including Freetech Technology Limited, Freetech (BVI) Limited and Freetech (Cayman) Ltd., have increased their total interest in the Group to 524,365,260 ordinary shares of the Group, representing approximately 48.60% of the issued share capital of the Group.
Supported by the Group's strong R&D capabilities and state-of-the-art "Hot-in-Place" recycling technology, Freetech has strengthened its market position as a leading APM service provider and APM equipment producer in the PRC. Looking ahead, the Group intends to build on its competitive advantages to benefit from the current favourable government policies and aims to continuously strengthen its market position and increase its market share through well-planned strategies.
About Freetech Road Recycling Technology (Holdings) Limited
Freetech Road Recycling Technology is the asphalt pavement maintenance ("APM") service provider renowned in the sector for its "Road Doctor" brand with patented "Hot-in-Place" Recycling Technology as well as the manufacturer and seller of a wide range of APM equipment. As at 30 June 2014, the Group owned 94 registered patents and had 8 patent pending applications n "Hot-in-Place" Recycling Technology and related equipment. The Group has also established ten joint ventures and associates across China including Hunan, Inner Mongolia, Jiangsu, Fujian, Xinjiang and Guangdong in order to expand its customer base across the country.
Source: Freetech Road Recycling Technology (Holdings) Limited
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