Estun Automation (SHE:002747) is selling a 20% stake in Yangzhou Shuguang to its management team for 94 million yuan.
The move will reduce its stake in its industrial automation subsidiary to 48% from 68%. The deal, valuing the industrial automation firm at CNY468M, follows Estun's strategy to refocus on core industrial robotics.
Shares of the industrial automation products manufacturer rose 1% in recent trade.
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