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Zhejiang Chint Electric Buys Over 3% Stake in Subsidiary for 1.12 Billion Yuan

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Zhejiang Chint Electric (SHA:601877) has acquired an additional 3.16% equity stake in its subsidiary, Chint Aneng Digital Energy (Zhejiang), for 1.12 billion yuan, according to a Saturday filing with the Shanghai bourse.

The Chinese electrical equipment manufacturer signed the equity transaction contract with the National Green Development Fund on July 10 after winning the bid through the Shanghai United Assets and Equity Exchange.

Following the purchase, Chint Electric's total direct and indirect shareholding in the digital energy unit will increase to 71.24% from 68.08%.

Shares of the company fell over 2% in recent trade.

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Zhejiang Chint Electric Buys Over 3% Stake in Subsidiary for 1.12 Billion Yuan | FINWIRES