Shanghai Electric Announces Major Equipment Acquisition

Shanghai Electric Group Company (HK:2727) has released an update.

Shanghai Electric Group Company Limited has announced that its subsidiary, Casting & Forging Company, has acquired 2,637 units of production equipment from Enterprise Development Company for about RMB 277.2 million. This internal transaction is considered a connected transaction due to shared ownership and falls under specific reporting guidelines of the Hong Kong Stock Exchange. The valuation and transfer of the assets have been independently appraised and are set to enhance the company’s production capabilities.

For further insights into HK:2727 stock, check out TipRanks’ Stock Analysis page.