Jiangsu Azure, GEM Mutually Scrap $20 Million Capital Injection Into Indonesia Battery Venture

MT Newswires Live

02/12

Jiangsu Azure (SHE:002245) and GEM (SHE:002340) mutually terminated the plan to inject capital into GEM's wholly-owned Indonesian subsidiary, according to Thursday filings with the Shenzhen bourse.

Under the proposal, Jiangsu Azure will acquire a 5.95% stake in Indonesia Qingmei Energy Materials for $20 million.

The parties cited the current internal and external situation for the termination. The move will not give rise to any breach of contract liabilities.

Shares of GEM rose 2% i recent trade.

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