Asia
Sinomag Technology Chairman to Acquire Stake in Subsidiary for 57 Million Yuan
Sinomag Technology's (SHE:300835) chairman, Xiong Yonghong, agreed to acquire 42.7% of the company's subsidiary, Envo New Energy Technology (Shanghai), for 57.2 million yuan, according to a Shenzhen bourse filing on Wednesday.Shares of the ferrite magnets and soft magnetic cores and components manufacturer fell 2% at the close of Thursday's trade.The company waived its right to acquire the stake, keeping its stake of 51.4% in Envo New Energy.The stake will be acquired from four shareholders.
SHE:300835
