Wang & Lee Group (WLGS) said Monday it is acquiring SolarHK in exchange for shares valued at about 15 million Hong Kong dollars ($1.9 million).
The company said the acquisition aims to integrate SolarHK's solar expertise with WLG's lithium-ion battery initiatives and to advance the renewable energy transition in Hong Kong.
Wang & Lee Group expects to finalize the transaction within the week, according to the statement.
Shares of Wang & Lee Group were down nearly 8% in recent trading.
Price: 5.54, Change: -0.47, Percent Change: -7.82
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