SINGAPORE - HRnetGroup Limited has entered into definitive agreements relating to its January 2018 acquisition of a 51 per cent stake in REForce (Shanghai) Human Resources Management Consulting, it said on Saturday (June 9).
In a filing with the Singapore Exchange, HRnetGroup said that the terms of the sale included a share purchase agreement and shareholders agreement, and that the satisfaction of the consideration has been agreed to comprise three tranches.
REForce will operate the three-year old executive search business in Shanghai, Beijing, Guangzhou and Suzhou. Suzhou will be HRnetGroup's fourth city of operation in mainland China and its 12th location globally.
REForce is led by a team of owner-managers that jointly hold the remaining 49 per cent stake in the joint venture company. It has 68 employees and specialises in mid-senior level recruitment in sales and marketing, operations and financial services, among others.
Madeline Wan, group business leader and senior general manager of the Greater China and Japan businesses for HRnetOne said: "With this acquisition and others going forward, we will continue to grow our North Asian footprint as intended at IPO (initial public offering)."
HRnetGroup shares last traded at 84 cents on Friday before the announcement.