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Sieyuan Electric Subsidiary Completes Registration for Equity Change After Toshiba Exercises Acquisition Right; Shares Fall 3%

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Sieyuan Electric (SHE:002028) subsidiary Changzhou Sieyuan Toshiba Transformer completed the registration for its change of equity ownership after Japan's Toshiba exercised its right to buy back part of the company, according to a Friday filing with the Shenzhen bourse.

Following the change, Sieyuan Electric's stake fell to 70% from 90%, while Toshiba's stake rose to 28.82% from 8.82%.

Sieyuan purchased a 90% stake in Sieyuan Toshiba Transformer from Toshiba, Kitashiba Electric, Toshiba Industrial Products Systems, and Toshiba China for a nominal fee of 400 yuan.

Shares in Sieyuan fell 3% during the midday break on Friday.

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