ADGS Advisory has signed a memorandum of understanding to acquire a Hong Kong based accounting advisory company.
The proposed consideration is expected to be approximately US $1.5M. The proposed completion date of the acquisition is expected to occur before November 2014.
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This will be the second acquisition for the Company in a twelve month period of time and a major component of this acquisition is its growth strategy.
ADGS’s President and CEO Florence Li Lai Ying stated, "We are delighted that we will be acquiring this Hong Kong based accounting advisory company. Its team of professionals are strong, the quality of its business is excellent, and it will enhance our existing service offerings and broaden the Company’s expertise in asset and property transfer and insolvency and enable us to capture additional business."
Li further stated that the client base from the company intended to be acquired is expected to generate revenues of US$2million in 2015, and projects 40.6% growth in 2015 to about US$600,000, significantly outpacing Hong Kong’s GDP growth rate of 3.5%.
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