OKE Precision Cutting Tools (SHA:688308) subsidiary OKE New Energy will invest with Jiangsu Ruiqu and related party Tancheng Ouruida to establish a joint venture focused on tungsten wire for solar applications.
The new company, OKE (Shandong) New Energy, will be capitalized at 50 million yuan and will be 60%-owned by OKE New Energy, according to a Thursday filing with the Shanghai bourse. Jiangsu Ruiqu and Tancheng Ouruida respectively hold the remaining 25% and 15% stakes.
Shares of the cutting tools maker closed less than 2% higher Thursday.
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