Shanghai Electric Unit to Buy Production, Operation Equipment from Affiliate

MT Newswires Live

Sep 30, 2024

Shanghai Electric Group (HKG:2727, SHA:601727) unit Casting & Forging will purchase 2,637 units of production and operation equipment from Shanghai Electric Enterprise Development for 277.2 million yuan, a Sept. 27 bourse filing said.

The assets include bridge cranes, transformers, distribution cabinets, lathes, and heating furnaces among other things.

Shanghai Electric Enterprise Development is a unit of Shanghai Electric Holding Group, a controlling shareholder of Shanghai Electric Group.

Hong Kong- and China-listed shares of the company closed over 5% and 9% higher, respectively, on Monday.

Price (HKD): $1.75, Change: $+0.090, Percent Change: +5.42%

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