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Ningbo Zhongda Leader Intelligent Transmission disposes of one of its electric roller manufacturing subsidiaries to light duty conveyor belt manufacturer Shanghai Yongli Belting as it fully acquires a similar unit.
The Chinese gearbox manufacturer will offload its entire 50% holdings in Shanghai Ketaike Transmission System to Yongli Belting for 9.3 million yuan. After the transaction, Ketaike Transmission System will become a wholly owned subsidiary of Yongli Belting, according to a Shenzhen Stock Exchange filing on Tuesday.
Concurrently, Zhongda Leader agreed to fully acquire the remaining 50% stake in Shanghai Kotech Transmission Systems from Ningbo Zhongdali Intelligent Transmission for the same price to make Kotech Transmission Systems its wholly owned subsidiary.
Ningbo Zhongda Leader Intelligent Transmission disposes of one of its electric roller manufacturing subsidiaries to light duty conveyor belt manufacturer Shanghai Yongli Belting as it fully acquires a similar unit.
The Chinese gearbox manufacturer will offload its entire 50% holdings in Shanghai Ketaike Transmission System to Yongli Belting for 9.3 million yuan. After the transaction, Ketaike Transmission System will become a wholly owned subsidiary of Yongli Belting, according to a Shenzhen Stock Exchange filing on Tuesday.
Concurrently, Zhongda Leader agreed to fully acquire the remaining 50% stake in Shanghai Kotech Transmission Systems from Ningbo Zhongdali Intelligent Transmission for the same price to make Kotech Transmission Systems its wholly owned subsidiary.
Ningbo Zhongda Leader Intelligent Transmission plans to invest 200 million yuan for the construction of a precision core component production base in Cixi Intelligent Home Appliances High-tech Industrial Park in China, according to a Shenzhen Stock Exchange filing on Tuesday.
Factories and other ancillary facilities will be built within 24 months, the Chinese gearbox manufacturer said.
The company's shares soared more than 7% in recent trade.
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