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Sunway Communication to Raise Stake in Electric Component Maker for Up to 1.1 Billion Yuan; Shares Down 5%

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Shenzhen Sunway Communication (SHE:300136), through unit Sunway Communication (Yiyang), proposed to acquire an additional 55% equity in Sunway Electronic Technology (Yiyang) for up to 1.1 billion yuan, according to a Shenzhen bourse filing on Tuesday.

The stake in Sunway Electronic, an electronic component maker, will be acquired through a capital increase.

The communication equipment maker's holdings in Sunway Electronic will rise to 70%.

The company's shares dropped 5% during the afternoon trade.

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