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Sunway Communication to Add Stake in Electronic Materials Unit for 1.10 Billion Yuan

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Shenzhen Sunway Communication (SHE:300136), through subsidiary Sunway Communication (Yiyang), proposed to acquire an additional 55% stake in Sunway Electronic Technology (Yiyang) for 1.10 billion yuan, according to a Shenzhen bourse filing on Friday.

Sunway Electronic produces a variety of high-tech electronic components and equipment.

The stake will be bought from Hunan Yiyang Gaofa Caixin Electronics Partnership (Limited Partnership) and Yiyang High-Tech Industrial Fund Partnership (Limited Partnership).

Following completion of the transaction, Sunway Communication's stake in Sunway Electronic rises to 70% from 15%.

The communication equipment maker's shares declined 3% during the afternoon trade.

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Sunway Communication to Add Stake in Electronic Materials Unit for 1.10 Billion Yuan | FINWIRES