Hollysys Automation Technologies inpact with Nuclear Power Engineering

29 November 2011: Hollysys Automation Technologies, provider of automation and control technologies and applications in China has signed an agreement with China Nuclear Power Engineering Co a wholly-owned subsidiary of China Guangdong Nuclear Power Holdings Corporation (CGNPC), to sell 10 per cent of its holdings of China Techenergy Co to CNPEC for RMB 27.8 million.

Pursuant to the terms of stock purchase agreement and associated cooperation agreement, CNPEC is committed to purchase the complete suite of non-safety automation and control products from Hollysys on exclusive basis. This transaction will reduce Hollysys' ownership in CTEC from 50 per cent to 40 per cent and increase CNPEC's ownership from 50 per cent to 60 per cent , which will result in investment income of approximately RMB 13.0 million for Hollysys.

Source: Yourindustrynews