Completes Strategic Acquisition
Sydney, July 1, 2019 AEST (ABN Newswire) - Retech Technology Co., Ltd (
ASX:RTE) ("Retech"), a leading Chinese e-Learning technology provider, is pleased to announce that on 26 June 2019 its wholly owned subsidiary, Retech Holdings Co., Limited entered into the transaction documents for, and completed, the acquisition of 51% of the issued share capital in Aushen Group Pty Ltd ACN 165 859 245 from Suns Group Corporation Pty Ltd ACN 123 653 029 (Acquisition).
Highlights
- On 26 June 2019, Retech acquired 51% of the Victoria-based XJS Coaching School by way of a share acquisition.
- XJS Coaching School is a tutoring institution providing language and subjects tuition, located in 6 locations in Victoria.
- The acquisition is strategic and will integrate Retech's e-learning solutions with an Australia-based education operator.
Aushen Group Pty Ltd ACN 165 859 245 (Aushen) is an Australian registered entity that owns the XJS Coaching School located in Victoria, Australia.
XJS Coaching School is a private tutoring institution, with over 20 years history, that offers programs for students from grade 1 to year 12. Subjects offered include English, Mandarin, mathematics, writing and scholarship testing. Courses are currently provided in a classroom environment, taught in English and Chinese, at 6 locations across Victoria, Australia. As of end May 2019, XJS Coaching School had approximately over one thousand students.
Retech Technology Co., Limited is a leading Chinese e-learning services and technology provider. Retech's products include e-learning solutions, learning analytics, customized and pre-prepared training courses and digital ESG reporting and training.
The Acquisition will allow Retech to apply its market-leading e-learning solutions to the large and growing market for online language training. Australia has the largest English-speaking population of qualified language teachers within a similar time zone to China. The application of Retech's technology to this market will enable XJS Coaching School to offer high quality online English lessons into China, and high-quality Chinese lessons into global markets. Australia is home to more than 1.2 million people of Chinese ancestry and Mandarin Chinese is the fastest-growing language in Australia's schools.
Mr Ai, the non-executive Chairman of Retech said as follows:
"We are very pleased to be able to seal this partnership with Aushen. We believe that the XJS Training School is Australia's leading Chinese tutoring company, and we are excited to be working with them to apply our e-learning solutions to this large and growing market. With our technology, qualified Australian teachers will also reach into China, meeting the needs of China's consumers for high quality international education. "
Mr Sun Haoliang, the executive Director of Aushen said as follows:
"We are delighted to be working with Retech to develop and extend our business into the new digital age. XJS has built a solid brand as the largest Chinese language teaching group in Melbourne. Working with Retech, we will take our business into the new era of digital education".
The material terms of the Acquisition are detailed in the link below:
http://abnnewswire.net/lnk/Q2FB87XI
About Retech Technology Co Ltd
Retech Technology Co Ltd (ASX:RTE) is one of the largest technology solutions providers in China and provides solutions to companies that enable them to deliver corporate training online. The Company delivers solutions to a diversified and established user base via three channels: E-Learning Solutions, E-Training Partnership and E-Course Direct.
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