Chongqing Machinery & Electric

Chongqing Machinery & Electric (02722) signed an agreement with its parent to acquire 100% of a smart manufacturing company and an equipment research institute, while transferring its stakes in Qichi Transmission and a small-loan company to the parent. The net consideration is RMB 169 million paid by the parent in cash.

Precision Technologies Group (PTG), a subsidiary of Chongqing Machinery & Electric, completed a new joint venture machine tools factory in South Carolina, USA, in 2017.

Chongqing Machinery & Electric (02722.HK) agreed to acquire a 49% stake in WGP, an Italian company specializing in building and refurbishing hydropower stations, for a total consideration of approximately €720,000.