Shanghai Electric's Environmental Protection Unit to Dispose of Assets for 91 Million Yuan

MT Newswires Live2024-11-27

Shanghai Electric Group (HKG:2727, SHA:601727) said its environmental protection enterprise subsidiary, Ningbo Hi-Firm Environmental, will transfer its land and property assets through a public tender, according to a Hong Kong Stock Exchange disclosure on Tuesday.

The assets, which have land with an area of 79,263.00 square meters, have a tender price of 90.7 million yuan. The land, which has projects under construction, is located in Binhai New Town, Xiaocao'e Town, Yuyao City, China.

The Chinese power generation and electrical equipment manufacturer also agreed to terminate its investment in Ningbo Hi-Firm's Ningbo Hi-Firm Incineration and Physicochemical Treatment Project due to losses brought by stringent competition.

Shanghai Electric recorded an accumulated provision of 369 million yuan for the goodwill impairment of Ningbo Hi-Firm Environmental. The company agreed to fully provide 207 million yuan for the impairment of Ningbo Hi-Firm's goodwill book balance.

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

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