First Tractor Co’s Strategic Procurement Deal

First Tractor Co (HK:0038) has released an update.

First Tractor Co’s subsidiary CAMACO has entered into a procurement contract with CAMCE worth RMB22,157,702. This transaction, related to a project in Nigeria, highlights a strategic partnership under the control of Sinomach Group, the de facto controller of First Tractor Co. The move also signals a shift in shareholding dynamics, as the equity interest of the controlling shareholder, YTO, is set to decrease.

For further insights into HK:0038 stock, check out TipRanks’ Stock Analysis page.