Shanghai Electric Group (HKG:2727, SHA:601727) plans to acquire a 50% stake in industrial robot maker Shanghai Fanuc International Trading, a joint venture of its parent and Japanese robot company Fanuc, for 3.08 billion yuan, according to a Hong Kong Stock Exchange filing on Oct. 18.
The Chinese power generation and electrical equipment manufacturer will buy the stake in Shanghai Fanuc through its subsidiary Shanghai Electric Automation Group after taking over Shanghai Ningsheng Industrial, which is held by the company's controlling shareholder, Shanghai Electric Holding Group.
Currently, Fanuc and Ningsheng Industrial each hold 25% of Shanghai Fanuc, while the remaining 50% is owned by Fanuc's subsidiary, Shanghai Fanuc Robots.
The acquisition will add the industries of lithium battery, photovoltaic, aviation and automobile manufacturing to the group's business portfolio, the filing said.
The company's Shanghai shares soared over 10% while its Hong Kong shares rose more than 1% in recent trade.
Price (HKD): $2.40, Change: $+0.030, Percent Change: +1.27%
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