UFIDA to Merge Government Software Subsidiaries
Sina Tech, 7/23/10
Chinese enterprise management software developer UFIDA (600588.SH) has announced that its board of directors approved a motion to merge its wholly-owned subsidiary Beijing Chunyuan Technology Development into its controlled subsidiary Beijing Ufida Government Software, after which the latter company will continue to exist while the former company will be cancelled. The post-merger company will have a registered capital of approximately RMB 115.6 mln, with 94.5% of shares held by UFIDA and 5.5% held by the Ministry of Finance's Research Institute for Fiscal Science.
Ufida Government Software, which is mainly engaged in the development, design, and sale of management software, as well as financial management consulting, earned revenues of RMB 145 mln in 2009, with RMB 22.95 mln in net income.
Chunyuan is mainly engaged in research, development, sales and service of government resource planning (GRP) software, including financial software. The company saw revenue of RMB 196.8 mln in 2009, with RMB 35.11 mln in net income.
Keywords: Research Institute for Fiscal Science profit revenue software Chunyuan GRP UFIDA Ufida Government Software M&A enterprise software
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