Leoch International Technology (HKG:0842) received approval from the Hong Kong bourse for the proposed spin-off and separate listing of Leoch Energy, a direct wholly-owned subsidiary, in the US.
Leoch Energy sells battery products, including reserve power, SLI, and motive power batteries in Europe, the Middle East, Africa, the Americas, and the Asia-Pacific Region.
The provider of power supply solutions said it plans to separately list the unit as the move would improve the operation, financial transparency, and corporate governance of the retained group and the spinoff entity.
The proposal is subject to shareholder and regulatory approvals, according to a Wednesday filing with the Hong Kong Exchange.
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