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.
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