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Home->Fastener News->Shanghai Prime Machinery to sell bearings business...You are the 358761 visitors
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Shanghai Prime Machinery to sell bearings business to parent

Shanghai Prime Machinery said it agreed to sell the entire equity interests in Shanghai Electric Bearing Co., Ltd. for RMB 58.85 million to controlling shareholder Shanghai Electric (Group) Corporation.

Electric Bearing is principally engaged in manufacture and sale of bearings, bearing parts and semi-finished bearing products.

Shanghai Prime is expected to recognize a loss of about RMB 364,000 from the disposal. It is intended that the net proceeds will be used as general working capital and capital expenditure for the Group and/or to fund new investments of the Group should suitable opportunities arises.

Source: ET Net News Agency

2018/3/13 15:57:00

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