On 1st July David Wilson, the Chief Executive Officer of the Shriro Group, announced the formation of GELEC (HK) Limited.

This company was incorporated to acquire the Hong Kong and China trading business of GEC Hong Kong.

GEC, a leading British quoted company, decided, as part of their current refocus strategy, to divest themselves of their trading business which operated as a division of GEC Hong Kong.

The trading business, which has sales in excess of HK$400m, has consistently traded profitably.

The main activities of the business are :-

Lamps and Lighting

Mechanical Engineering

Electrical Engineering

Electronics

The management and staff of each division have joined GELEC and total 159 people in all. Shriro will be hiring further personnel in the accounting, computer, human resources and quality control service area.

In the meantime GEC will continue to perform these services for GELEC under a service contract.

GEC have seconded Terry O' Neill and Ian Rothera to help manage the transition and the business itself.

The main businesses that we will represent include ventilation fans, electric cables, domestic and commercial lighting, PCB assembly systems, and electronic instruments.

This acquisition represents a very important stage in the diversification of Shriro into industrial products both in Hong Kong and China.

As with our other subsidiaries, GELEC will continue to be managed separately but it is our intention to develop our PRC business on a more integrated basis to maximise our opportunities in this huge market.

The organisation chart of the new company is shown below.