AOTO Electronics Ends Lighting Infrastructure Deal in Wuhai; Shares Down 3%

MT Newswires Live

2024/12/26

Shenzhen AOTO Electronics (SHE:002587) agreed to terminate the deal for a lighting infrastructure project in China's Wuhai City, according to a Shenzhen Stock Exchange filing on Thursday.

AOTO will receive a repurchase warehouse fee of 107.6 million yuan after the termination.

The Chinese light-emitting diode or LED display products manufacturer's consortium installed and managed lights around the Genghis Khan Statue on Gande'er Mountain under the public-private partnership project, which was first signed in 2017. The management of the lights was transferred to the Wuhai Public Utilities Development Center after the termination was signed.

The termination was signed through the company's subsidiary, Shenzhen Qianbaihui Intelligent Engineering, and its joint venture Inner Mongolia Zhongji Smart City Construction.

AOTO's shares dropped less than 3% in recent trade.

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