Shanghai Electric sells stake in Topsolar for RMB 138.6 mln

Jan. 4, 2009 (China Knowledge) - Shanghai Electric Group Co Ltd (SEG), China's largest producer of power equipments, has sold the 36% stake it holds in Shanghai Topsolar Green Energy Co to Yancheng Dongtou New Energy Equipment Co for RMB 138.6 million, according to a SEG's statement filed with the Shanghai Stock Exchange.

The transaction is estimated to bring SEG a net gain of RMB 3.38 million.

The Shanghai-based company will sell the remaining 25.35% in Topsolar soon and expected to gradually exit the field of solar energy business and focus on its core business such as wind power.

SEG's gross profit rate of electrical equipments in the first half of last year rose to 19.5%, while that of its solar energy-related business stood at 7.1%, according to a company source.

Shanghai Electric Group to see shares in Shanghai Topsolar Green Energy

Shanghai Electric Group Holding Co., Ltd plans to sell 36% share in Shanghai Topsolar Green Energy Co., Ltd at Shanghai United Assets and Equity Exchange at the price of 138,600,000 RMB.

At present Shanghai Electric Group Holding Co., Ltd is the biggest share holder of Shanghai Topsolar Green Energy Co., Ltd with share of 61.35%.