HK-listed AviChina Industry to set up 150 mln yuan wind power equipment jv
HONG KONG (XFN-ASIA) - Hong Kong-listed AviChina Industry & Technology Co Ltd said it is to establish a joint venture to invest in the production and sale of wind power generation equipment in mainland China with its parent, China Aviation Industry Corporation II (AVIC II).
The registered capital of Baoding Huide Wind Power Engineering Co Ltd, the proposed joint venture, is 150 mln yuan, the mainland China-based vehicle and civilian aircraft manufacturer said in a filing to the stock exchange.
The company said it will contribute 30 mln yuan of the capital and gain 20 pct stake in the joint venture, while AVIC II and its associates will contribute 112.5 mln yuan and take up a 75 pct stake.
The remaining 5 pct share will be taken up by third parties.
The company said the deal will strengthen its cooperation with AVIC II on the application of aviation technologies to other civil industries and help it enter the wind power generation industry.
At the close of the morning session, shares of AviChina were down 0.06 hkd, or 2.83 pct, at 2.06 hkd. ( 1 usd = 7.8 h
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