Xinte Energy to Revise Annual Cap on Agreement With Controlling Shareholder TBEA

MT Newswires Live10-15

Xinte Energy (HKG:1799) said its board proposed raising the annual cap on an existing framework agreement with controlling shareholder TBEA Group (SHA:600089), according to a Hong Kong bourse filing Tuesday.

Shares of the renewable energy developer gained over 2% in late morning trade on Wednesday.

TBEA provides certain construction and related services to Xinte under the framework agreement.

Xinte said that because its demand for services from TBEA Group had increased due to the construction of 3 gigawatts of new energy projects in China's Zhundong, it wanted to raise the existing annual cap of 2.9 billion yuan to 3.05 billion yuan.

The revision is subject to shareholder approval and the company plans to call a meeting to that effect.

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