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Guangxi Energy's Indirect Controlling Shareholder to Boost Stake Via Share Placement; Shares Up 7%

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Guangxi Energy's (SHA:600310) indirect controlling shareholder, Guangxi Energy Group, plans to boost its stake in the company through a 100 million yuan share placement, according to a Shanghai bourse filing on Saturday.

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

The Guangxi Energy Group will subscribe for up to 25 million shares.

After the transaction, Guangxi Energy Group's combined shareholding with subsidiary Guangxi Guangtou Zhengrun Development Group in the company will rise to no less than 40% from 32.47% of the company's total share capital.

The share placement is part of the company's plan to raise up to 1.4 billion yuan from the share placement to acquire 33.7% of Guangxi Guangtou Qiaogong Energy Development.

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