Tianneng Power International's (HKG:0819) subsidiary Tianneng Holding Group acquired the entire equity interests in Zhejiang Tianneng New Materials owned by 15 outside investors for 1.10 billion yuan, a Friday Hong Kong bourse filing said.
The acquired equity interests represent 28.57% of the registered capital of the target, and the purchase was done under the put options granted to the shareholders of Zhejiang Tianneng New Materials under the shareholders' agreement.
After the acquisition, Zhejiang Tianneng New Materials is owned as to 65% by Tianneng Holding Group, 25% by Tianchang Holding, and 10% by Zhejiang Tianneng Commercial Management, another subsidiary of the company.
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