Haimo Technologies Gets Board's Nod to Transfer Certain Assets, Equities

MT Newswires Live12-10

Haimo Technologies Group (SHE:300084) received the approval of its board of directors to transfer certain assets and equities, according to a Shenzhen bourse filing on Wednesday.

The Chinese oilfield equipment manufacturer plans to transfer 20% of Haimo Underwater Production Technology (Shenzhen) for 25 million yuan to related party Shanghai Shenlan Collaborative Enterprise Management Partnership (Limited Partnership).

Haimo currently owns 52.2% of Haimo Underwater.

The company also proposed to transfer and license the use of its subsea multiphase flowmeter business to another related party, Haimo Xinchen Underwater Technology (Shanghai), for 75 million yuan.

Haimo's shares rose over 1% during the afternoon trade.

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