China ITS (Holdings) Co., Ltd. (01900) said its subsidiary Tibet Aviation agreed to sell, and Forever Opensource agreed to purchase 50% equity interest in Intelligent Aviation for a total consideration of RMB64 million, which is to be satisfied by the issuance of 15.06 million consideration shares by Forever Opensource at the issue price of RMB4.25 per consideration share.
Upon completion of the disposal, the group will own approximately 30.05% of the registered capital of Forever Opensource as enlarged by the issue of the consideration shares.
Intelligent Aviation and its subsidiaries are primarily engaged in provision of civil aviation operational business, specialised solutions business and engineering integration services to its customers airlines and airports in the PRC.
Forever Opensource is a company established under the laws of the PRC. Its principal activities are to provide software open source technical services for enterprise customers and to provide technology consulting, solution services and outsourcing services to software developers.
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