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ISS aims high for EastPoint growth

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Acquisition creates Hong Kong's No5 employer with $890m annual turnover

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ISS Group, the world's largest facilities management company, expects newly acquired EastPoint Group to achieve annual turnover growth of 30 per cent in coming years.

ISS, which has been listed on the Copenhagen Stock Exchange since 1977, bought the 24-year-old group from Jardine Matheson last month and formed ISS EastPoint.

The new company is Hong Kong's fifth-largest employer with more than 9,300 staff and has an annual turnover of $890 million.

ISS EastPoint has 70 million square feet of commercial, retail and residential properties under management. It also offers cleaning, waste management, pest control and washroom services.

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ISS Group chief executive Eric Rylberg declined to reveal the price tag but said EastPoint's valuation was based on seven to eight times of earnings before interest, tax and amortisation.

With a target of doubling its size in five years, he said the group would expand through acquisitions and organic growth.

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