Suzhou Institute of Building Science to Buy Majority Stake in Construction Company for 40 Million Yuan

MT Newswires Live2024-10-22

Suzhou Institute of Building Science Group (SHA:603183) plans to acquire 51% of construction company Zhejiang Hongye Testing Technology for 39.6 million yuan, according to a Shanghai Stock Exchange disclosure on Tuesday.

The stake will be bought from third-party individual investors Xia Jinfu and Shen Liwei.

After the completion of the transaction, Xia and Shen will remain as shareholders of Hongye Testing Technology, but the engineering technology services provider will become its controlling shareholder, the disclosure said.

Shares of the company rose more than 1% in recent trade.

Price (RMB): ¥3.67, Change: ¥+0.040, Percent Change: +1.10%

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