Sany Heavy Equipment (HKG:0631) units Sany Marine Heavy Industry (Hunan) and Sany Heavy Steel agreed to sell certain turbine tower assets to Hunan Sany Tower Technology for 52.9 million yuan, a Thursday filing with the Hong Kong bourse said.
The assets, used to manufacture wind turbine towers, include mechanical and electronic equipment, raw materials, auxiliary supplies, and work-in-progress products.
The coal mining equipment manufacturer will use proceeds from the sale, which is scheduled to reach completion before March 31, as general working capital.
Hunan Sany Tower Technology is 46% held by Liang Wengen, the controlling shareholder of Sany Heavy Equipment.
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