Towngas Smart Energy's (HKG:1083) subsidiary Towngas China Energy Investment agreed to acquire 55% equity interest in Changzhou Towngas China Smart Energy from Hong Kong and China Integrated Power Investment (Shenzhen) for 57.1 million yuan, a Thursday Hong Kong bourse filing said.
Upon the completion, the target company will become a subsidiary of the company while the vendor will cease to have any interest in the target company.
The group will source the acquisition through its internal resources.
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