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Longyuan Power to Fully Acquire Remaining Stake in Coal Subsidiary for 25 Million Yuan; Shares Down 9%

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China Longyuan Power (HKG:0916, SHE:001289) proposed to fully acquire Guoneng Badain Jaran (Gansu) Energy Development and Investment for 24.6 million yuan, according to a Shenzhen bourse filing on Saturday.

The power company's Shenzhen shares slumped 9%, while Hong Kong shares slipped 1% during Monday's afternoon trade.

Longyuan, which currently owns 51% of the heat production firm and coal firm, will buy the remaining 49% from China Energy Investment.

The board of directors approved the proposal on June 26.

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