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Location:Home > Economic and Trade Info > Market Survey
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| Shanghai Electric to expand new energy business via placement |
Shanghai Electric Group Co Ltd plans to raise up to RMB 3.56 billion through a private placement to fund its nuclear power and wind power projects, sources reported.
The Shanghai-listed firm will invest RMB 1.15 billion of the proceeds in its nuclear power projects in Lingang New City and Minhang District in Shanghai in a bid to expand the power generation capacity. RMB 753 million will be invested in the research and development of its wind power projects also in Lingang New City, Shanghai.
Reportedly, Shanghai Electric has agreed to sell a 44.79% stake in Shanghai Electric Transport Co Ltd to China CNR Corp Ltd<601299> for RMB 365 million.
In addition, China CNR will invest RMB 84.91 million in Shanghai Electric Transport, bringing the registered capital of the target firm to RMB 663 million.
When the acquisition and capital injection are complete, China CNR will hold a 50% stake in the target firm, while Shanghai Electric will own 34.91%. |
Source:China Knowledge |
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