Shanghai Mechanical & Electrical Plans to Offload Welding Wires Making Subsidiary
MT Newswires Live
Sep 15
Shanghai Mechanical & Electrical Industry (SHA:600835, SHA:900925) plans to offload its 67% equity in Shanghai CIMIC Welding Materials through public listing on the Shanghai United Assets and Equity Exchange, according to a Shanghai bourse disclosure on Saturday.
The Chinese machinery company's A shares jumped over 4% and B shares rose over 2% at the close of Monday's trade.
The listing price is 291.2 million yuan.
CIMIC Welding Materials is unable to continue operation after the government expropriated the welding wires and electrodes manufacturer in 2024.
Shanghai Mechanical will exit the non-ferrous welding materials sector after disposing of the stake, the disclosure said.
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