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WPP plc, a London-based communications services group, has continued its strategy of developing its portfolio companies with the acquisition of a majority stake in a Hong Kong firm.

The group has bought a 70 per cent shareholding in investor relations and corporate communications provider Rikes Communications.

The deal, which closed for an undisclosed sum, was made to strengthen Hill & Knowlton, WPP’s international public relations and public affairs network.

WPP’s operations include advertising, public relations and branding as well as communications and promotions services. The group is worth £7.8 billion and has 100,000 employees in its 2,000 offices in 106 countries.

Rikes provides financial communications and investor relations to Chinese companies, such as Huaneng Power International, Maanshan Iron & Steel, Zhejiang Expressway and Guangshen Railway. Rikes, which was established in 2000, made HK$7.4 million (£484,000) in the year to April 2007.

The firm’s services include media and communication training, crisis counselling and management, long-term investor relations programs, writing and production of annual reports, media monitoring and analysis, event management and website production and design.

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