Shanghai Electric Unit to Acquire Special Purpose Equipment Maker

MT Newswires Live06-17 19:30

Shanghai Electric Group (HKG:2727, SHA:601727) unit Shenzhen Yinghe Technology agreed to acquire Anwha (Shanghai) Automation Engineering through a non-public agreement transfer for 204.3 million yuan, according to a Wednesday Hong Kong bourse filing.

Of the total, 58.02% stake will be purchased from controlling shareholder Shanghai Electric Holding Group for 118.6 million yuan, while the remaining 41.98% will be acquired from eight other shareholders for 85.8 million yuan.

The company believes the acquisition will help expedite the company's enhancement of its one-stop smart factory solution capabilities in the lithium battery niche.

Anwha (Shanghai) Automation Engineering engages in special purpose equipment manufacturing.

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