CR Construction Group Holdings Limited (HK:1582) has released an update.
CR Construction Group Holdings Limited has announced the formation of a joint venture company with MS Energy, with a total registered capital of RMB 50 million, focusing on energy storage and new energy services. The new entity will be called Zhejiang Construction Investment New Energy Technology Co., Ltd., and will be 70% owned by CR Construction’s subsidiary ZCIEE and 30% by MS Energy. The financial results of the joint venture will be consolidated into CR Construction’s financial statements, with no need for shareholder approval due to the transaction’s scale.
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