China Longyuan Power Group (HK:0916) has released an update.
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China Longyuan Power Group intends to sell its 27% stake in Jiangyin Sulong through a public tender, at a base price of RMB1,319,150,070. This transaction will lead to Jiangyin Sulong no longer being a subsidiary of the company, as its financials will not be consolidated in the parent company’s reports post-sale. The deal is classified as a discloseable transaction and is exempt from shareholder approval but will still need to follow certain reporting and announcement protocols.
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