Yangtze Optical Fibre and Cable (HKG:6869, SHA:601869) has agreed to acquire a 30% equity stake in Baosheng (Yangzhou) Submarine Engineering Cable from Baosheng Science and Technology Innovation (SHA:600973) for nearly 582.8 million yuan, a Sept. 20 bourse filing said.
Following the acquisition, Baosheng (Yangzhou) Submarine Engineering Cable will be owned as to 60% by Yangtze Optical Fibre and Cable.
The target company engages mainly in the design, development, manufacturing, and sale of marine engineering products, according to the Chinese telecommunications cable manufacturer.
Shares of Yangtze Optical Fibre and Cable and Baosheng Science and Technology Innovation were both up over 1% in recent trade.
Price (HKD): $8.00, Change: $+0.060, Percent Change: +0.76%
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