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19
September
2012

Telefield is buying into Fargo Telecom

Telefield International a Hong Kong-based Electronic Manufacturing Services (EMS) provider, has agreed to acquire a majority share issued capital in Fargo Telcom.
The company has signed an agreement to purchase 53 percent of the enlarged issued share capital of Fargo Telecom for HK$15 million in cash (1.47 million euros). Telefield also agreed to purchase up to 42.3% of the enlarged share capital of Fargo Telecom in subsequent stages, subject to a cap of HK$20 million.

Fargo Telecom designs, manufactures and sells GPS receivers and machine-to-machine modems and gateways; it also offers solutions and one-stop engineering services.

“We are optimistic about the prospects of the telecommunications market and believe the acquisition will provide a solid ground for the Group’s investment," said Cheng Han Ngok, Steve, Chairman of Telefield.

“We believe the acquisition will bring us additional technical expertise and business opportunities in developing high-end niche communication products and broadening our product range. Fargo Telecom’s business complements the Group’s existing businesses and enables the Group to tap the markets of, in particular, South Africa, China, India, Russia and Brazil.”
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