GEPIC Energy Development (SHE:000791) received the approval of the China Securities Regulatory Commission to issue shares to acquire 66% of Gansu Power Investment Changle Power Generation, according to a Shenzhen Stock Exchange disclosure on Friday.
The power generation services provider will issue 1.31 billion shares to Gansu Electric Power Investment Group to buy the stake. The share issuance will raise matching funds of up to 1.90 billion yuan.
The approval is valid within 12 months, the disclosure added.
The company's shares closed more than 2% lower.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
Comments