Shanghai Electric (601727.SH): Shanghai Electric Company signed an agreement with the enterprise to purchase 113 units/set of production and related auxiliary equipment

Gelonghui Finance ·  12/04/2023 18:00

Gelonghui (601727.SH) announced on December 4, 2023/12, that on December 4, 2023, the company's board of directors deliberated and passed the “Proposal on Transactions Related to the Acquisition of Part of the Production and Related Equipment Owned by Shanghai Electric Enterprise Development Co., Ltd.”, agreeing that the Shanghai Electric Power Company agreed to purchase 113 units/sets of production and related auxiliary equipment from the enterprise development company, based on the valuation value of the above assets registered through state-owned assets on August 31, 2023. The purchase price is RMB 19817,500 (tax included). On December 4, 2023, Shanghai Power Company and Enterprise Development Company signed an “Equipment Transfer Agreement” on this transaction. Since Enterprise Development Company is a wholly-owned subsidiary of Electric Holdings, the controlling shareholder of the company, this transaction constitutes a related transaction.

Shanghai Electric Power Company is mainly engaged in the business of manufacturing and selling motor products. In order to meet the requirements of emerging markets such as air energy storage, gas to electricity, and electric drives in terms of materials, structure, and processing accuracy of motor components, while further optimizing the distribution of manufacturing capacity and improving the service business market responsiveness, the Shanghai Power Company plans to acquire a total of 113 units/sets of production and other related auxiliary equipment from enterprise development companies.

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