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GRG Banking inks RMB 470 mln contracts with BOC

Sep. 20, 2012 (China Knowledge) - GRG Banking Equipment Co Ltd<002152>, which is principally engaged in the research, development, manufacture and distribution of automated cash processing equipment and related system software, has announced it recently inked two purchasing contracts with Bank of China <601988><3988>, the largest foreign exchange lender in China, with a total contract value of RMB 470 million.

The contract value is equivalent to 19.24% of the company's operating revenue in 2011.

According to a statement filed with Shenzhen Stock Exchange, the company said it will provide Automatic teller machine (ATM) and Cash Recycling System (CRS) as well as a series of subsequent service for BOC.

In the first half of this year, GRG Banking Equipment saw its operation revenue grew 7.89% YoY to RMB 936 million, while the net profit attributable to shareholders up 11.08% YoY to RMB 256 million.

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