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Shanghai screen changer Electric sells stake in Topsolar for RMB 138.6 mln
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Shanghai Electric sells stake in Topsolar for RMB 138.6 mlnPublished: 04 Jan 2009 01:07:07 PSTJan. 4, 2009 (China Knowledge) – Shanghai Electric Group Co Ltd (SEG)<601727><2727>, China’s largest producer of power equipments, has sold the 36% stake it holds in Shanghai Topsolar Green Energy Co to Yancheng Dongtou New Energy Equipment Co for RMB 138.6 million, according to a SEG’s statement filed with the Shanghai Stock Exchange.The transaction is estimated to bring SEG a net gain of RMB 3.38 million.The Shanghai-based company will sell the remaining 25.35% in Topsolar soon and expected to gradually exit the field of solar energy business and focus on its core business such as wind power. SEG’s gross profit rate of electrical equipments in the first half of last year rose to 19.5%, while that of its solar energy-related business stood at 7.1%, according to a company source.Copyright © 2008 http://www.chinaknowledge.comSend feedback or comments to: news@chinaknowledge.comFor more news, financial weekly reports, business guides to China and other premium information, subscribe to China Knowledge today: To access our page on Bloomberg, type CKFI Related TopicsChina News冷风机 弹簧 过滤机 网络电话 クレジットカード ショッピング 現金化 弹簧 air conditioner motor solid wood kitchen cabinets
