CGN New Energy (HKG:1811) unit Meiya Electric Asia agreed to sell Nantong Meiya Co-generation to Nantong Nengda Construction Investment for 475 million yuan, a Monday filing with the Hong Kong bourse said.
The power company disclosed plans to sell the unit in February through a public tender process.
Proceeds from the sale will be used for potential investments in the future, as well as for general working capital.
Nantong Meiya Co-generation engages mainly in the generation and supply of electricity, steam, and other related products.
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