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Guangxi Energy to Acquire Stake in Guangtou Qiaogong for 1.05 Billion Yuan; Shares Up 7%

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Guangxi Energy (SHA:600310) plans to acquire 33.7% of Guangxi Guangtou Qiaogong Energy Development for 1.05 billion yuan, according to a Shanghai bourse filing on Saturday.

The company will acquire 25.7% stake from ICBC Financial Asset Investment and 8.02% stake from Bank of Communications Financial Asset Investment.

The Chinese electricity service provider's shares rose 7% during Monday's afternoon trade.

Guangtou Qiaogong Energy Development is engaged primarily in hydropower and thermal power generation.

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