Shanghai Electric to Offload Biomass Power Generating Subsidiary

MT Newswires Live2024-11-27

Shanghai Electric Group (HKG:2727, SHA:601727) plans to dispose of its biomass power generating subsidiary, Shanghai Electric Group (Suning) Environmental Protection Technology, through public tender on the Shanghai United Assets and Equity Exchange, with an initial offering price of 157 million yuan, according to a Hong Kong Stock Exchange disclosure on Tuesday.

The Chinese power generation and electrical equipment manufacturer is looking at gradually divesting the operational assets of its environmental protection business segment, including Suning's waste incineration power generation project, which started in 2023.

The company's board of directors approved the proposal, the disclosure said.

Shanghai Electric's Shanghai shares slipped over 1% in recent trade.

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